3 papers
econ.TH2023
The Centralizing Effects of Private Order Flow on Proposer-Builder Separation
Tivas Gupta, Mallesh M Pai, Max Resnick
The current Proposer-Builder Separation (PBS) equilibrium has several builders with different backgrounds winning blocks consistently. This paper considers how that equilibrium wil…
econ.TH2023
Contingent Fees in Order Flow Auctions
Max Resnick
Many early order flow auction designs handle the payment for orders when they execute on the chain rather than when they are won in the auction. Payments in these auctions only tak…
math.OC2023
An Efficient Algorithm for Optimal Routing Through Constant Function Market Makers
Theo Diamandis, Max Resnick, Tarun Chitra +1
Constant function market makers (CFMMs) such as Uniswap have facilitated trillions of dollars of digital asset trades and have billions of dollars of liquidity. One natural questio…