5 papers
Reserve Depletion and Security Runway in Proof-of-Stake Systems
Paolo Penna, Manvir Schneider
Many proof-of-stake protocols finance validator rewards from two sources: transaction fees and a finite reserve of tokens. This creates a dynamic hand-off problem. Early in the lif…
Swimming with Whales: Analysis of Power Imbalances in Stake-Weighted Governance
Yuzhe Zhang, Manvir Schneider, Qin Wang +1
Voting methods weighted by stakes are the fundamental governance paradigm in Proof-of-Stake (PoS) blockchains. Such a paradigm is known to be prone to power distortions: a few user…
Algorithmic Monetary Policies for Blockchain Participation Games
Diodato Ferraioli, Paolo Penna, Manvir Schneider +1
A central challenge in blockchain tokenomics is aligning short-term performance incentives with long-term decentralization goals. We propose a framework for algorithmic monetary po…
On Sybil-proofness in Restaking Networks
Tarun Chitra, Paolo Penna, Manvir Schneider
Restaking protocols expand validator responsibilities beyond consensus, but their security depends on resistance to Sybil attacks. We introduce a formal framework for Sybil-proofne…
Serial Monopoly on Blockchains with Quasi-patient Users
Paolo Penna, Manvir Schneider
In the face of limited block size, miners (e.g., in Bitcoin) prioritize high-bid transactions, forming a large part of their revenue. If the block size were to expand significantly…