Research
At Gauntlet we are active contributors to Crypto and DeFi Research working with top minds in academia and industry.
We believe that providing cutting edge research that critically analyses various decentralized protocols, not only helps us make our products better, but can also help the ecosystem understand key areas of risk and opportunity.
All
Reports
Research
Improved Price Oracles - Constant Function Market Makers
This paper analyses a large class of automated market makers, called constant function market makers
AUTHORS
Tarun Chitra
Guillermo Angeris
PUBLICATION STATUS
AFT '20 - Proceedings of the 2nd ACM Conference on Advances in Financial Technologies
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When does the tail wag the dog? Curvature and market making
This paper proposes that price sensitivity and liquidity is tightly correlated to the curvature of a constant function market makers trading function
AUTHORS
Tarun Chitra
Guillermo Angeris
Alex Evans
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Optimal Fees for Geometric Mean Market Makers
This paper proposes a framework for determining the value to LPs of supplying liquidity to a CFMM with fees when the underlying process follows a general diffusion.
AUTHORS
Tarun Chitra
Guillermo Angeris
Alex Evans
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Why Stake When You Can Borrow?
Paper using theory plus agent-based simulation to understand properties of on-chain derivatives
AUTHORS
Tarun Chitra
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Competitive equilibria in staking and lending markets
Paper showing how DeFi lending protocols can dramatically reduce PoS security
AUTHORS
Tarun Chitra
PUBLICATION STATUS
Stanford Blockchain Conference 2020
MIT Cryptoeconomic Systems 2020
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Improved Price Oracles - Constant Function Market Makers
Paper extending the Uniswap analysis to prove sufficient conditions for when generalizations of Uniswap (Balancer, Curve, yTokens, etc.) are good oracles
AUTHORS
Guillermo Angeris
Tarun Chitra
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An Analysis of the Market Risk to Participants in the Compound Protocol
Paper using agent-based simulation to stress test the Compound protocol in events with exogenous shocks
AUTHORS
Hsien-Tang Kao
Tarun Chitra
Rei Chiang
John Morrow
PUBLICATION STATUS
Foundations and Applications of Blockchains 2020
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An Analysis of Uniswap Markets
Paper analyzing Uniswap from the perspective of convex optimization. Proves the first formal bounds on manipulability
AUTHORS
Hsien-Tang Kao
Tarun Chitra
Guillermo Angeris
PUBLICATION STATUS
MIT Cryptoeconomic Systems
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Agent-Based Simulations of Blockchain protocols illustrated via Kadena's Chainweb
Paper using agent-based simulations of a layer 1 protocol to estimate the cost of censorship with sharding
AUTHORS
Tarun Chitra
PUBLICATION STATUS
2019 IEEE European Symposium on Security and Privacy Workshops
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Aave Market Risk Assessment
An analysis of the financial risk to participants in the Aave V1 and V2 protocols
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Maker Market Risk Assessment
An analysis comparing the effectiveness of Liqudations 2.0 vs. Liquidations 1.2
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Compound Market Risk Assessment
An analysis of the financial risk to participants in the Compound protocol
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Liquity Market Risk Assessment
An analysis of the financial risk to participants in the Liquity protocol
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Mina Protocol Assessment
An analysis of the Mina protocol and it’s staking economics.
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THORChain Protocol Design Assessment
An analysis of the THORChain Incentive Pendulum and Staking Economics.
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Ampleforth Protocol and Trading Strategy Assessment
An analysis of the Ampleforth protocol and compatible trading strategies
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NuCypher WorkLock Assessment
An analysis of the NuCypher WorkLock mechanism and Staking economics.
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Parameter Sensitivity Analysis of the Celo Stability Mechanism
We study the stabilization mechanism in Celo via agent-based simulations.
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