The primary purpose of this paper is to bridge the technology gap between Blockchain and
Fintech applications. Blockchain technology is already being explored in a wide number of …

We compare the market quality of centralized crypto exchanges (CEXs) such as Binance
and Kraken to decentralized blockchain-based venues (DEXs) such as Uniswap v2 and v3 …

We consider the market microstructure of constant function market makers (CFMMs) from the
perspective of passive liquidity providers (LPs). In a Black-Scholes setting, we compare the …

Purpose As decentralized finance (DeFi) has collected substantial promotion, investment
and cryptographic development as a new model for numerous financial operations over the …

Yield farming represents an immensely popular asset management activity in decentralized
finance (DeFi). It involves supplying, borrowing, or staking crypto assets to earn an income …

In this paper, we study the mechanisms that govern price stability of MakerDAO's DAI token,
the first decentralized stablecoin. DAI works through a set of autonomous smart contracts, in …

Decentralized Exchanges (DEXs) are pivotal applications in the Decentralized Finance
(DeFi) landscape, aiming to facilitate trustless cryptocurrency trading by relying on smart …

GameFi is a portmanteau of “game” and “finance.” The concept involves blockchain games
that offer economic incentives to play, otherwise known as play-to-earn (P2E) games. We …

Among the ecosystem of decentralized financial services, yield farming is a complex
investment strategy with hidden downside risks providing opportunities for passively earning …

We consider the market microstructure of automated market making and, specifically,
constant function market makers (CFMMs), from the economic perspective of passive …