no code implementations • 18 Sep 2021 • Lucy Huo, Ariah Klages-Mundt, Andreea Minca, Frederik Christian Münter, Mads Rude Wind
We model incentive security in non-custodial stablecoins and derive conditions for participation in a stablecoin system across risk absorbers (vaults/CDPs) and holders of governance tokens.
no code implementations • 21 Jan 2021 • Sam M. Werner, Daniel Perez, Lewis Gudgeon, Ariah Klages-Mundt, Dominik Harz, William J. Knottenbelt
Decentralized Finance (DeFi), a blockchain powered peer-to-peer financial system, is mushrooming.
Cryptography and Security General Economics Economics
no code implementations • 22 Jun 2020 • Ariah Klages-Mundt, Dominik Harz, Lewis Gudgeon, Jun-You Liu, Andreea Minca
Stablecoins are one of the most widely capitalized type of cryptocurrency.
no code implementations • 2 Apr 2020 • Ariah Klages-Mundt, Andreea Minca
The `Black Thursday' crisis in cryptocurrency markets demonstrated deleveraging risks in over-collateralized non-custodial stablecoins.
2 code implementations • 5 Jun 2019 • Ariah Klages-Mundt, Andreea Minca
The possibility of such `deleveraging spirals' was first predicted in the initial release of our paper in 2019 and later directly observed during the `Black Thursday' crisis in Dai in 2020.
1 code implementation • 30 May 2018 • Ariah Klages-Mundt, Andreea Minca
We characterize the fixed points of our model and develop efficient algorithms to compute contagion with guarantees on convergence and speed under conditions on network structure.
