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 / 85 records
Posts
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A chronological index of field notes on research, engineering, markets, and protocols.
2026
21 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.
What Glamsterdam Would Change About Settling Korean Stocks on Ethereum
A settlement workload calibrated to KRX's daily trading value fits within Ethereum's theoretical block-gas ceiling at the baseline. What changes under Glamsterdam is the cost of updating balances and creating new onchain state.
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.
What Changes When Tokenization Reaches Market Scale?
What Changes When Tokenization Reaches Market Scale?
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.
Measuring a Commodity Shock in Tokenized Markets with a Rust CLI
Measuring a Commodity Shock in Tokenized Markets with a Rust CLI
When Multiple Pools Behave Like One: Impact-Constrained Capacity Concentration in Uniswap v3
When Multiple Pools Behave Like One: Impact-Constrained Capacity Concentration in Uniswap v3
Before the Result Could Count, the Benchmark Had to Freeze
Before the Result Could Count, the Benchmark Had to Freeze
A Large DEX Order Is a Sequential Control Problem
A Large DEX Order Is a Sequential Control Problem
When the Swap Actually Lands. What Can an Outsider Reconstruct?
When the Swap Actually Lands. What Can an Outsider Reconstruct?
When the Quote Becomes Calldata. The Fork Tests Whether It Holds.
When the Quote Becomes Calldata. The Fork Tests Whether It Holds.
The Price Moves First. DEX Routes Fray Before the Exit.
The Price Moves First. DEX Routes Fray Before the Exit.
The Stablecoin Map: What Crypto's Cash Rails Depend On
Stablecoins are becoming crypto's cash layer. The question is not only what they are pegged to, but what they depend on.
Local Pegs, Dollar Rails: Auditing XSGD and EURC Liquidity
Local Pegs, Dollar Rails: Auditing XSGD and EURC Liquidity
Ethereum Gas Changepoints Are Warning Signals, Not Regime Labels
Ethereum Gas Changepoints Are Warning Signals, Not Regime Labels
USDC Shows Why Stablecoin Risk Analysis Is Not One Signal
USDC Shows Why Stablecoin Risk Analysis Is Not One Signal
Funding Is Not Identity: A Conservative Approach to Onchain Entity Linking
Funding Is Not Identity: A Conservative Approach to Onchain Entity Linking
Ethereum Account State: QA Pipeline for a Minimal Token
Ethereum Account State: QA Pipeline for a Minimal Token
Ethereum Account State: A Minimal Token with Reconstructible State
Ethereum Account State: A Minimal Token with Reconstructible State
Pay‑As‑You‑Go Demo: The Private Gallery in Web3
Pay‑As‑You‑Go Demo: The Private Gallery in Web3
2025
4 recordsFrom Services to Products: Composing Multi-Provider Checkout On-Chain
From Services to Products: Composing Multi-Provider Checkout On-Chain
Designing Rental Services on a Pay-As-You-Go Protocol
Designing Rental Services on a Pay-As-You-Go Protocol
Building Article Subscription Contracts in Solidity
Building Article Subscription Contracts in Solidity
Building a Simple Pay-As-You-Go Service in Solidity
Building a Simple Pay-As-You-Go Service in Solidity