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Flash Boys 2.0: Frontrunning, Transaction Reordering, and Consensus Instability in Decentralized Exchanges

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Philip Daian: Just published "Flash Boys 2.0: Frontrunning, Transaction Reordering, and Consensus Instability in Decentralized Exchanges" - https://arxiv.org/abs/1904.05234 Key takeaways and some pretty graphs below! 👇

30 replies, 503 likes


Ethan Fast: Check out Flash Boys 2.0, a well written paper by @phildaian @AriJuels and others on problems with today's DEXes: https://arxiv.org/pdf/1904.05234.pdf Nash suffers from none of the problems in this paper, but remains non-custodial! https://t.co/HN968IOH25

3 replies, 147 likes


Philip Daian: re: recent DeFi "arbitrage", here are some slides from 2018 that remind us why this is IMO dangerous for *all of Ethereum* (and was entirely predictable) full talk - https://www.youtube.com/watch?v=i-oWE8hg6-0 paper - https://arxiv.org/abs/1904.05234 esp. the last few sections https://t.co/uFd8iW5k3X

3 replies, 54 likes


Philip Daian: So, build you protocols carefully!! And again, pleasepleaseplease check out the full paper at https://arxiv.org/abs/1904.05234!! 🥳🙏

5 replies, 41 likes


Georgios Konstantopoulos: Seriously if you still don't understand MEV (and how ahead of the game @phildaian et al were with their Flashboys paper https://arxiv.org/abs/1904.05234) you're going to have a bad time.

2 replies, 25 likes


Philip Daian: Chuffed to announce that our paper, "Flash Boys 2.0: Frontrunning in Decentralized Exchanges, Transaction Reordering, and Consensus Instability" will appear in @IEEESSP (Oakland) 2020! Thanks to amazing coauthors @sgoldfed @relyt29 Yunqi Li, Xueyuan Zhao, Iddo Bentov, @AriJuels!

1 replies, 21 likes


vitalik.eth: Once there are more complex apps on chain, we see a challenge. Optimal tx inclusion, including capturing "miner extractable value" via frontrunning etc https://arxiv.org/abs/1904.05234 becomes complicated. This introduces an edge for sophisticated block proposers, risking centralization.

1 replies, 17 likes


Martin Köppelmann: Now - who won and who lost in this game? Winner: everyone who could buy below the current price; Miners: since they can effectively decide who can do the first trades, the long term expectation of those games is that most value would go to miners (check @phildaian MEV) (10/19)

2 replies, 14 likes


IC3: DEX hiccups, Time-Bandit Attacks that rewind blockchains, and more: IC3 Co-Director @AriJuels talks about Flash Boys 2.0 https://arxiv.org/abs/1904.05234 hosted by IC3 faculty member @brynosaurus.

0 replies, 12 likes


Ihl: Built from the ground up to solve all the problems with current DeXes, whilst maintaining the performance of a CeX. $NEX #nash

0 replies, 9 likes


Midnight On Mars: This paper from @phildaian and coauthors on issues surrounding decentralized exchanges is essential reading; check out his tweet thread for a summary and dig in! https://twitter.com/phildaian/status/1116155236433956865

0 replies, 5 likes


Rhys Lindmark at #CESSummit2019: @socrates1024 @neha @ittaia @kanzure @dahlia_malkhi @Libra_ @LivepeerOrg @YondonFu @gnosisPM @AFDudley0 @AriJuels @initc3org @phildaian @BitwiseInvest 7d/ @AriJuels @initc3org with a hilarious point—they accidentally supercharged the bot community by: - Creating GasToken (used by bots) - Publishing blog post (which brought more attention!) Check out the paper w/ @phildaian! https://arxiv.org/abs/1904.05234 #CESSummit2019

1 replies, 4 likes


John: @ameensol https://arxiv.org/pdf/1904.05234.pdf good intro paper by a bunch of cornell peeps

0 replies, 4 likes


pablitoxrp: @el33th4xor Is it in reference to the “Flash Boys 2.0” paper Phil co-wrote with Ari Juels and others? https://arxiv.org/abs/1904.05234 Easily one of the most important crypto papers I’ve read this year and a portent for the future. An eye-catching title doesn’t hurt either. :)

1 replies, 2 likes


EPFL IC: Pr. @AriJuels is also one of the director of the IC3, where @brynosaurus is also involved. For more informations: http://initc3.org https://t.co/xo4ugoKcs0

1 replies, 2 likes


EX: @APompliano https://twitter.com/icoexplorer/status/1147266903150403589?s=19

0 replies, 2 likes


Georgios Konstantopoulos: @visavishesh @tarunchitra @DegenSpartan @musatheredguard @MakerDAO allow me to introduce you to Miner Extractable Value follow @pinged @hasufl @_prestwich @phildaian, read: https://arxiv.org/abs/1904.05234, https://uncommoncore.co/wp-content/uploads/2019/10/A-model-for-Bitcoins-security-and-the-declining-block-subsidy-v1.06.pdf

1 replies, 2 likes


HotComputerScience: Most popular computer science paper of the day: "Flash Boys 2.0: Frontrunning, Transaction Reordering, and Consensus Instability in Decentralized Exchanges" https://hotcomputerscience.com/paper/25-04-2019

0 replies, 1 likes


EX: Researchers from Cornell Tech and several other universities recently published a paper looking at how major exchanges operate ⬇ https://arxiv.org/pdf/1904.05234.pdf Source found here ⬇ https://www.zerohedge.com/news/2019-04-15/cryptos-suddenly-plunge-bloomberg-exposes-algos-running-wild #bitcoin #exchanges #manipulation https://t.co/E9quhFo9XI

0 replies, 1 likes


Content

Found on Apr 11 2019 at https://arxiv.org/pdf/1904.05234.pdf

PDF content of a computer science paper: Flash Boys 2.0: Frontrunning, Transaction Reordering, and Consensus Instability in Decentralized Exchanges