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Abstract Blockchain transaction fee markets have long been plagued by volatile fees, rampant overpayment, and under-utilized block capacity. Legacy first-price auctions force users into a painful guessing game, while EIP-1559’s base-fee mechanism, though an improvement, introduces algorithmic oscillations and is vulnerable to miner exploits. Thi...

Introduction Imagine you’re running a high-frequency trading system that relies on guaranteed RPC throughput. One morning, a flash-commit bot stakes a massive amount of shMON just before the next snapshot, locks up most of the bandwidth for 10 seconds, and your trades miss the market. What happened? shMONAD is an innovative Liquid Staking Toke...

WIP - WORK IN PROGRESS Overview Over the past eighteen months a new class of tokens—yield‑bearing stablecoins (YBSs)—has grown from proof‑of‑concept into a $5.8 billion funding channel for both decentralized and traditional credit markets. Unlike legacy stablecoins whose utility derives solely from price stability, YBSs attach a cash‑flow eng...

Cryptocurrency exchanges love to flaunt big volumes. But as every market microstructure study reminds us, what really shapes an exchange’s long‐term influence is price discovery—the capacity to incorporate fresh information faster than competitors. In the case of Bitcoin, recent evidence shows that perpetual swaps, despite high notional volumes,...

Introduction What happens when a single trader’s “galaxy-brain” exploit targets a decentralized exchange? On March 27, 2025, Hyperliquid found out the hard way. A manipulated short position on the JELLY token forced its USD 230 Million liquidity pool (HLP) into a USD 12 Million paper loss—nearly destabilizing the entire platform. This two-part ...

Why Explore “Bad” Ideas? In the world of high-throughput blockchain design—especially on Solana—people often focus on polished final solutions that “just work.” But that mindset can stifle creativity and blind us to alternative approaches. What if we took a fearless dive into the entire design space, including half-baked or experimental ideas? ...

Introduction - The Evolution of Automated Market Makers If you’ve ever traded on Uniswap, you might think of it as a decentralized vending machine for tokens—you put in token A, and it spits out token B. But this vending machine isn’t using fixed prices—it’s governed by a mathematical function that determines prices dynamically based on supply ...

Overview Fungible tokens form the backbone of modern blockchain ecosystems—fueling decentralized finance (DeFi), stablecoins, NFTs, gaming, and more. Yet how a chain handles the separation of state and code can have profound impacts on state growth, data management, and scalability. Two major token standards—Ethereum’s ERC-20 and Solana’s SPL—e...