5 papers
When Staking Rewards Compound: Measuring the Impact of Ethereum's Pectra Upgrade
Mohammed Benseddik, Benjamin Kraner, Claudio J. Tessone
Ethereum's beacon chain hosts over 920,000 active validators, a number inflated by the legacy 32 ETH stake cap. The Pectra upgrade (May 2025) addresses this by introducing 0x02 com…
The Impact of Sanctions on decentralised Privacy Tools: A Case Study of Tornado Cash
Raffaele Cristodaro, Benjamin Kraner, Claudio J. Tessone
This paper investigates the impact of sanctions on Tornado Cash, a smart contract protocol designed to enhance transaction privacy. Following the U.S. Department of the Treasury's…
Clustering Deposit and Withdrawal Activity in Tornado Cash: A Cross-Chain Analysis
Raffaele Cristodaro, Benjamin Kraner, Claudio J. Tessone
Tornado Cash is a decentralised mixer that uses cryptographic techniques to sever the on-chain trail between depositors and withdrawers. In practice, however, its anonymity can be…
Money in Motion: Micro-Velocity and Usage of Ethereums Liquid Staking Tokens
Benjamin Kraner, Luca Pennella, Nicolò Vallarano +2
We introduce a micro-velocity framework for analysing the on-chain circulation of Lidos liquid-staking tokens, stETH, and its wrapped ERC-20 form, wstETH. By reconstructing full tr…
SoK: Liquid Staking Tokens (LSTs) and Emerging Trends in Restaking
Krzysztof Gogol, Yaron Velner, Benjamin Kraner +1
Liquid staking and restaking represent recent innovations in Decentralized Finance (DeFi) that garnered user interest and capital. Liquid Staking Tokens (LSTs), tokenized represent…