9 papers
Transaction Ordering Auctions
Christoph Schlegel
We study equilibrium investment into bidding and latency reduction for different sequencing policies. For a batch auction design, we observe that bidders shade bids according to th…
Shared Sequencing and Latency Competition as a Noisy Contest
Akaki Mamageishvili, Jan Christoph Schlegel
We study shared sequencing for different chains from an economic angle. We introduce a minimal non-trivial model that captures cross-domain arbitrageurs' behavior and compare the p…
Would Friedman Burn your Tokens?
Aggelos Kiayias, Philip Lazos, Jan Christoph Schlegel
Cryptocurrencies come with a variety of tokenomic policies as well as aspirations of desirable monetary characteristics that have been described by proponents as 'sound money' or e…
Buying Time: Latency Racing vs. Bidding in Transaction Ordering
Akaki Mamageishvili, Mahimna Kelkar, Jan Christoph Schlegel +1
We design TimeBoost: a practical transaction ordering policy for rollup sequencers that takes into account both transaction timestamps and bids; it works by creating a score from t…
Axioms for Constant Function Market Makers
Jan Christoph Schlegel, Mateusz Kwaśnicki, Akaki Mamageishvili
We study axiomatic foundations for different classes of constant-function automated market makers (CFMMs). We focus particularly on separability and on different invariance propert…
On-Chain Auctions with Deposits
Jan Christoph Schlegel, Akaki Mamageishvili
Second-price auctions with deposits are frequently used in blockchain environments. An auction takes place on-chain: bidders deposit an amount that fully covers their bid (but poss…