8 papers
Concentrated Liquidity Provision: a Reinforcement Learning Perspective
Georgios Chionas, Charalampos Kleitsikas, Stefanos Leonardos +2
Automated market makers (AMMs) are a cornerstone of decentralised finance (DeFi). Constant product markets with concentrated liquidity, such as UniswapV3, are now a well-establishe…
The Price of Decentralization in Block Building
Burak Öz, Burak Ãz, Fei Wu +4
Decentralized block building mechanisms replace the monopoly of a single proposer with multiple builders. However, their censorship-resistance and fair-access benefits depend not o…
Performative Market Making
Charalampos Kleitsikas, Stefanos Leonardos, Carmine Ventre
Financial models do not merely analyse markets, but actively shape them. This effect, known as performativity, describes how financial theories and the subsequent actions based on…
From Competition to Centralization: The Oligopoly in Ethereum Block Building Auctions
Fei Wu, Thomas Thiery, Stefanos Leonardos +1
Block production on the Ethereum blockchain has adopted an auction-based mechanism known as Proposer--Builder Separation (PBS), where validators outsource block creation to builder…
Bitcoin's Edge: Embedded Sentiment in Blockchain Transactional Data
Charalampos Kleitsikas, Nikolaos Korfiatis, Stefanos Leonardos +1
Cryptocurrency blockchains, beyond their primary role as distributed payment systems, are increasingly used to store and share arbitrary content, such as text messages and files. A…
Asymptotic Extinction in Large Coordination Games
Desmond Chan, Bart De Keijzer, Tobias Galla +2
We study the exploration-exploitation trade-off for large multiplayer coordination games where players strategise via Q-Learning, a common learning framework in multi-agent reinfor…