f(crypto)Understanding "An Analysis of Intent-Based Markets"
Notes on the nature of Intent-Based Markets. In this blog, I discuss the work “An Analysis of Intent-Based Markets” by Tarun Chitra, Kshitij Kulkarni, Mallesh Pai, and Theo Diamandis. Intents have been touted as a way of expressing generalized transactions on blockchains. Intents allow users to express transactions with a set of conditions or covenants, and only if these conditions are met can the transaction be executed. Today, the most common sort of transactions on blockchains are “swaps” ...
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f(crypto)Building Blocks of Primitive - Constant Function Market Makers [CFMMs]
Decentralized Exchanges (Dex), which provide a way for market participants to trade pairs of on-chain assets, have this additional feature of acting as an oracle for measuring the relative price for this pair of assets, and because of this can be thought of as Decentralized oracles. Decentralized oracles are smart contracts that rely on users voting on particular prediction market outcomes. A final outcome is chosen via a social choice function, similar to how majority or weighted majority vo...
f(crypto)Understanding "Towards a Theory of MEV II"
Exploring the second part of the Theory of MEV. :D Blockchain systems rely on decentralized networks of participants to maintain a global shared state and execute transactions (in the case of ethereum, validators). A core challenge is dealing with varying incentives and strategic behavior by different network participants. In particular, validators who produce blocks have temporary power to reorder or include transactions, enabling profit at the expense of others. This phenomenon of excessive...
f(crypto)Understanding "An Analysis of Intent-Based Markets"
Notes on the nature of Intent-Based Markets. In this blog, I discuss the work “An Analysis of Intent-Based Markets” by Tarun Chitra, Kshitij Kulkarni, Mallesh Pai, and Theo Diamandis. Intents have been touted as a way of expressing generalized transactions on blockchains. Intents allow users to express transactions with a set of conditions or covenants, and only if these conditions are met can the transaction be executed. Today, the most common sort of transactions on blockchains are “swaps” ...
f(crypto)Building Blocks of Primitive - Constant Function Market Makers [CFMMs]
Decentralized Exchanges (Dex), which provide a way for market participants to trade pairs of on-chain assets, have this additional feature of acting as an oracle for measuring the relative price for this pair of assets, and because of this can be thought of as Decentralized oracles. Decentralized oracles are smart contracts that rely on users voting on particular prediction market outcomes. A final outcome is chosen via a social choice function, similar to how majority or weighted majority vo...
f(crypto)Understanding "Towards a Theory of MEV II"
Exploring the second part of the Theory of MEV. :D Blockchain systems rely on decentralized networks of participants to maintain a global shared state and execute transactions (in the case of ethereum, validators). A core challenge is dealing with varying incentives and strategic behavior by different network participants. In particular, validators who produce blocks have temporary power to reorder or include transactions, enabling profit at the expense of others. This phenomenon of excessive...
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