Belangrijkste concepten
Introducing the PACCs framework to eliminate MEV in DeFi by shifting it to censorship.
Samenvatting
I. Introduction:
Introduction of Private, Anonymous, Collateralizable Commitments (PACCs) framework.
Aim to eliminate maximal-extractable value (MEV) in DeFi by shifting it to censorship.
II. Related Work:
Analysis of previous work related to information hiding and MEV protection.
Comparison with existing protocols like Eagle, P2DEX, and Penumbra.
III. Preliminaries:
Explanation of Zero-Knowledge Proofs (ZKPs) and Membership Proofs used in the protocol.
Introduction to Smart Contract Wallets and commitment mappings.
IV. PACCS:
Description of the PACCs protocol and its dynamic variation for instant collateral locking.
Properties of PACCs and their application in eliminating MEV in DEXs, auctions, etc.
V. Implementation and Benchmarks:
Details about implementing the PACCs contract using Solidity on Ethereum devnet.
Gas consumption benchmarks for different transactions involved in the protocol.
VI. Properties of PACCS:
Application of PACCs in sealed-bid auctions, liquidations, decentralized exchanges, RFQ protocols, and AMMs.
VII. Conclusion:
Summary of the benefits and trade-offs associated with using PACCs for commit-reveal protocols.
Statistieken
Miner-/maximal-extractable value losses on Ethereum are upwards of $500M [14], [31].
PACCs can be applied to effectively eliminate MEV in DEXs and auctions.
Gas consumption benchmarks: ptx1 - 34221 gas; ptx2 - 27567 gas; ptx3 - 53415 gas.
Citaten
"Sealed-bid auctions can be run among all wallets W such that bal(w) > fee."
"PACC RFQ protocol has Nash Equilibrium involving MMs committing user orders with E(fH) = 0."
"PACC RFQ protocol has Nash Equilibrium where users trade at external market price."