About
Independent research on DeFi mechanism design, concentrated liquidity and on-chain portfolio construction.
Papers
Parasitic Liquidity
CL emission gauges reward instantaneous staked liquidity, but swap facilitation requires sustained depth. Narrow, short-lived positions exploit the gap to extract emissions without providing useful liquidity. Fork-tested against Slipstream and PancakeSwap; two remediations proposed. April 2026. SSRN · Code · DOI
The Geometric Siphon II: Directional Properties
Three theorems on the directional behaviour of the geometric residual: magnitude increases monotonically with displacement, symmetric price moves produce asymmetric USD outcomes, and below-range exits retain less value than above-range exits. Verified across 36,337 events. March 2026. SSRN · Code · DOI
The Geometric Siphon
When multiple CL positions share depositor-level token balances, autonomous rebalancing produces systematic inter-position capital transfers. The geometric mismatch between consecutive tick ranges creates token residuals that flow through shared dust pools. Formalised with three theorems, verified against unmodified V3 contracts. March 2026. SSRN · Code · DOI