Execution Surplus and Welfare in a Simplified Intent-Auction Game
Solver competition and endogenous participation shape private execution gains and aggregate welfare across batch durations in a simplified intent-auction game.
Posts / 25 records
Posts
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A chronological index of field notes on research, engineering, markets, and protocols.
2026
25 recordsTVL, Marginal Price, and Liquidity in an AMM
TVL is a measure of capital. The marginal price is the current quote. Liquidity tells us how much trading it takes to move that quote.
Who Can Liquidate an Onchain Loan? From Health Factor to Transaction Execution
A collateral boundary still exists onchain. The difference is who may submit the liquidation once it is reached.
When an Onchain Opportunity Becomes an Execution Race
When discovery stops being scarce, competition becomes an execution race—and the rule that allocates execution determines how much rent participants keep.
How CoW Protocol Uses Auctions to Execute Onchain Trades
CoW batches trades and auctions execution to competing solvers. Its auction data shows what those competing plans look like.
When Onchain Price Adjustment and Execution Run on Different Clocks
Thirty externally selected Solana price shocks, one Orca pool: sometimes price and landed execution return to normal together. Sometimes they don't.
When More Traders Stop Adding Much Information
A minimal benchmark that separates onchain participation from independent information: what actually moves the price when traders are added.
The Stock Can't Trade Yet. Something Is Already Pricing It.
Four synthetic markets priced companies before their shares could trade.
The Yen Broke. What Actually Moved Onchain?
When the yen broke, what moved onchain, and in what order? Tracing risk transfer through Hyperliquid and DeFi markets.
What Can a Landed Solana Transaction Actually Prove About DeFi Execution?
Execution provenance reconstructed for all 6,695 landed transactions in a frozen SPYx x OKX router set, and what that evidence can actually prove.
When Multiple Pools Behave Like One: Impact-Constrained Capacity Concentration in Uniswap v3
An empirical note on how multiple Uniswap v3 pools behave like one under an impact-constrained capacity objective.
I Searched the Transaction for the Slippage Threshold. I Found the Quote Instead.
A transaction-level audit shows why a quoted slippage threshold can disappear before a Solana swap lands.
Who Owns Execution on Solana?
A transaction-level study traces router, provider, and execution-source claims in Solana tokenized-equity trades.
Can a Solana Transaction Prove the Router?
Part II of the DFlow series: what a landed Solana transaction can and cannot prove about which router executed it.
DFlow Shows Where Solana Trading Is Going. Retail Pricing Still Happens at the App.
As execution becomes an embedded wholesale service, synchronized JTX quotes show that app-level fees still shape the price offered before signing.
Before the Result Could Count, the Benchmark Had to Freeze
Why the execution benchmark had to be frozen, with data, configuration, and evaluation fixed, before any result could count as evidence.
A Large DEX Order Is a Sequential Control Problem
A large DEX order pays for a path, not a single price. Framing execution as sequential control over pool state, fees, and liquidity response.
How I Turned AMM Logs Into a Causal Pipeline
How frozen AMM logs became a matched difference-in-differences pipeline in R, behind the finding of no large short-run liquidity exit after UNIfication.
When the Fee Switch Turns On, Does Liquidity Walk Away?
After the Uniswap fee switch turned on, did liquidity providers leave? A causal look at the short-run liquidity response.
After Uniswap v4 Went Live. The Pool Is No Longer the Whole Market.
After Uniswap v4 went live, the pool stopped being the whole market. Mapping where trading and liquidity actually sit now.
When the Book Keeps Moving. What Hyperliquid Lets Outsiders Reconstruct.
Hyperliquid is more than a price story. What an outsider can reconstruct from an onchain order book that keeps moving.
Dynamic Fees in AMMs: When the Signal Matters
When does a dynamic AMM fee actually help? Simulations of which pool-state signals let a fee price toxic flow.
Hyperliquid Shows What a Market Looks Like Without an AMM Pool
When no AMM pool forms, where does the market go? Hyperliquid shows what price formation looks like without one.
Before MEV, I Built a Rust AMM Lab to Measure Pool State
Before studying MEV, a Rust AMM lab that measures pool state directly, so later execution questions start from observable pool mechanics.
Ethereum Gas Changepoints Are Warning Signals, Not Regime Labels
Changepoint detection on Ethereum base fees under EIP-1559: useful as early-warning signals for fee-risk stress tests, not as regime labels.