5 papers
Paper Agents, Paper Gains: An Empirical Analysis of DeFi Investment Agents
Jay Yu, Amy Zhao, Danning Sui
DeFi investment agents, systems that use AI for autonomous on-chain trading, have attained over USD 3 billion in combined token valuations since late 2024. We survey over 1,900 AI-…
Measuring CEX-DEX Extracted Value and Searcher Profitability: The Darkest of the MEV Dark Forest
Fei Wu, Danning Sui, Thomas Thiery +1
This paper provides a comprehensive empirical analysis of the economics and dynamics behind arbitrages between centralized and decentralized exchanges (CEX-DEX) on Ethereum. We ref…
Execution Welfare Across Solver-based DEXes
Yuki Yuminaga, Dex Chen, Danning Sui
Decentralized exchanges (DEXes) have evolved dramatically since the introduction of Automated Market Makers (AMMs). In recent years, solver-based protocols have emerged as an alter…
Who Wins Ethereum Block Building Auctions and Why?
Burak Öz, Danning Sui, Thomas Thiery +1
The MEV-Boost block auction contributes approximately 90% of all Ethereum blocks. Between October 2023 and March 2024, only three builders produced 80% of them, highlighting the co…
Searcher Competition in Block Building
Akaki Mamageishvili, Christoph Schlegel, Benny Sudakov +1
We study the amount of maximal extractable value (MEV) captured by validators, as a function of searcher competition, in blockchains with competitive block building markets such as…