From Curved Bonding to Configuration Spaces

Bonding curves are continuous liquidity mechanisms which are used in market design for cryptographically-supported token economies. Tokens are atomic units of state information which are cryptographically verifiable in peer-to-peer networks. Bonding curves are an example of an enforceable mechanism through which participating agents influence this state. By designing such mechanisms, an engineer may establish the topological structure of a token economy without presupposing the utilities or associated actions of the agents within that economy. This is accomplished by introducing configuration spaces, which are proper subsets of the global state space representing all achievable states under the designed mechanisms. Any global properties true for all points in the configuration space are true for all possible sequences of actions on the part of agents. This paper generalizes the notion of a bonding curve to formalize the relationship between cryptographically enforced mechanisms and their associated configuration spaces, using invariant properties of conservation functions. We then proceed to apply this framework to analyze the augmented bonding curve design, which is currently under development by a project in the non-profit funding sector.Series: Working Paper Series / Institute for Cryptoeconomics / Interdisciplinary Researc

Economic Games as Estimators

Discrete event games are discrete time dynamical systems whose state transitions are discrete events caused by actions taken by agents within the game. The agents’ objectives and associated decision rules need not be known to the game designer in order to impose struc- ture on a game’s reachable states. Mechanism design for discrete event games is accomplished by declaring desirable invariant properties and restricting the state transition functions to conserve these properties at every point in time for all admissible actions and for all agents, using techniques familiar from state-feedback control theory. Building upon these connections to control theory, a framework is developed to equip these games with estimation properties of signals which are private to the agents playing the game. Token bonding curves are presented as discrete event games and numerical experiments are used to investigate their signal processing properties with a focus on input-output response dynamics.Series: Working Paper Series / Institute for Cryptoeconomics / Interdisciplinary Researc

SoK: Decentralized Exchanges (DEX) with Automated Market Maker (AMM) protocols

As an integral part of the Decentralized Finance (DeFi) ecosystem, Automated Market Maker (AMM) based Decentralized Exchanges (DEXs) have gained massive traction with the revived interest in blockchain and distributed ledger technology in general. Most prominently, the top six AMMs -- Uniswap, Balancer, Curve, Dodo, Bancor and Sushiswap -- hold in aggregate 15 billion USD worth of crypto-assets as of March 2021. Instead of matching the buy and sell sides, AMMs employ a peer-to-pool method and determine asset price algorithmically through a so-called conservation function. Compared to centralized exchanges, AMMs exhibit the apparent advantage of decentralization, automation and continuous liquidity. Nonetheless, AMMs typically feature drawbacks such as high slippage for traders and divergence loss for liquidity providers. In this work, we establish a general AMM framework describing the economics and formalizing the system's state-space representation. We employ our framework to systematically compare the mechanics of the top AMM protocols, deriving their slippage and divergence loss functions

The Importance of TDA Thermal Analysis in an Automated Metallurgical Process

The article presents the results of research and work related to the implementation of the research and development project POIR.01.01.01-00-0120/17 co-financed by the EU, through the NCBR, entitled: Innovative technology using thermal analysis, TDA, of self-feeding manufacturing of high-quality cast iron to produce new generation, enhanced performance casts. In many foundries, thermal derivative analysis (TDA) is used in addition to chemical analysis to evaluate the physical and chemical properties of an alloy while it is still in the melting furnace or ladle and before it is poured into the mold. This fact makes it possible to improve the metallurgical quality of the alloy by introducing alloying additives, carburizers or modifiers into the furnace as part of the pre-modification or primary or secondary modification in the ladle or when pouring into molds. Foundry machinery (modifier dosing systems and spheroidizing station) is very important in these operations. Only the full synergy of modern equipment with modern technology ensures high quality and repeatability of the casting process. The article mainly discusses the obtained parameters of TDA analysis (with the use of the ITACA system) at different stages of melting and how to improve them by using modern and fully automated dosing systems (Itaca OptiDose, ItacaWire and ItacaStream). Special attention was paid to the minimum temperature of the eutectoid. The change of its value after the modification process, its influence on the quality of the melted metal, a very strong correlation with the number of nuclei and the number of graphite precipitations in the casts were shown

Energieangebot und Energienachfrage in Europa. Agentenbasiertes Modell des Energiehandels und der Wettbewerbsfähigkeit

Abweichender Titel laut Übersetzung der Verfasserin/des VerfassersZsfassung in dt. SpracheViele politische, ökonomische und ökologische Faktoren beeinflussen die Attraktivität von Wirtschaftsstandorten. Energiepreise und die Sicherheit der Versorgung gehören dabei zu den bedeutsamsten Kenngrößen. Insbesondere durch den Energiehandel versuchen Volkswirtschaften die Wettbewerbsfähigkeit ihrer Region zu erhöhen. Diese Arbeit behandelt den Energiehandel zwischen globalen wirtschaftlichen Großmächten und untersucht die Auswirkungen auf die Wettbewerbsfähigkeit aus der Perspektive der Europäischen Union. Im ersten Kapitel werden die Ziele der europäischen Energiepolitik und die Einflussfaktoren auf Preise vorgestellt. Die Grundlage dafür bilden Studien der Europäischen Kommission und der OECD. Das zweite Kapitel präsentiert ein mathematisches Regressionsmodell des Energiehandels welches anhand historischer Daten ermittelt wurde. Abschließend wird dieses Modell für mögliche zukünftige Entwicklungen simuliert.Several political, economical and ecological factors have an impact on the attractiveness of business locations. Energy prices and security of supply are among the most important parameters. Economies attempt to increase their competitiveness in particular through energy trade. This work assesses energy trade between major global economies and investigates its impact on competitiveness from the perspective of the European Union. The rst chapter presents the goals of European energy policy and the main drivers of energy prices with reference to literature from the European Comission and the OECD. In the second chapter a mathematical regression model is estimated from historical trade data. Finally the model is simulated for possible future scenarios.9