With the rapid advancement of Web 3.0 technologies, public blockchain platforms are witnessing the emergence of novel services designed to enhance user privacy and anonymity. However, the powerful untraceability features inherent in these services inadvertently make them attractive tools for criminals seeking to launder illicit funds. Notably, existing de-anonymization methods face three major challenges when dealing with such transactions: highly homogenized transactional semantics, limited ability to model temporal discontinuities, and insufficient consideration of structural sparsity in account association graphs. To address these, we propose GradWATCH, designed to track anonymous accounts in Ethereum privacy-preserving services. Specifically, we first design a learnable account feature mapping module to extract informative transactional semantics from raw on-chain data. We then incorporate transaction relations into the account association graph to alleviate the adverse effects of structural sparsity. To capture temporal evolution, we further propose an edge-aware sliding-window mechanism that propagates and updates gradients at three granularities. Finally, we identify accounts controlled by the same entity by measuring their embedding distances in the learned representation space. Experimental results show that even under the conditions of unbalanced labels and sparse transactions, GradWATCH still achieves significant performance gains, with relative improvements ranging from 1.62% to 15. 22% in the MRR and from 3. 85% to 7. 31% in the F_1.
The tokenization of real-world assets (RWAs) has emerged as a transformative application of blockchain technology, with market projections estimating trillions of dollars in tokenized assets within the coming decade. However, a fundamental challenge remains unaddressed: physical assets such as precious metals, stored commodities, and warehoused goods incur structural negative carry -- custody, insurance, and audit costs that accumulate over time. While existing tokenization models have successfully established the market for digital gold and treasuries, they typically manage operational costs at the issuer level. The FRS introduces a framework to bring these economics directly on-chain, avoiding mechanisms such as token rebasing that compromise fungibility and composability with decentralized finance (DeFi) protocols. This paper proposes the Fungible Reserve Standard (FRS), a deterministic token design framework that encodes carrying costs transparently into on-chain logic. The FRS introduces an asset-per-token variable q(t) that decreases according to a predefined annualized carrying cost rate, coupled with a supply reconciliation mechanism that preserves holder balances and ERC-20 composability. While mathematically inspired by the daily expense ratio accrual in traditional asset management -- which often embed centralized profit margins -- the FRS design specifically encodes actual operational carrying costs to provide pure institutional-grade accounting clarity without compromising DeFi compatibility. The framework is asset-agnostic and applicable to any real-world asset with positive, predictable holding costs.
Marco Dessalvi, Massimo Bartoletti, Alberto Lluch-Lafuente
Decentralized Finance (DeFi) has revolutionized financial markets by enabling complex asset-exchange protocols without trusted intermediaries. Automated Market Makers (AMMs) are a central component of DeFi, providing the core functionality of swapping assets of different types at algorithmically computed exchange rates. Several mainstream AMM implementations are based on the constant-product model, which ensures that swaps preserve the product of the token reserves in the AMM - up to a trading fee used to incentivize liquidity provision. Trading fees substantially complicate the economic properties of AMMs, and for this reason some AMM models abstract them away in order to simplify the analysis. However, trading fees have a non-trivial impact on users' trading strategies, making it crucial to develop refined AMM models that precisely account for their effects. In this work, we extend a foundational model of AMMs by introducing a new parameter, the trading fee ϕ ∈ (0,1], into the swap rate function. Fee amounts increase inversely proportional to ϕ. When ϕ = 1, no fee is applied and the original model is recovered. We analyze the resulting fee-adjusted model from an economic perspective. We show that several key properties of the swap rate function, including output-boundedness and monotonicity, are preserved. At the same time, other properties - most notably additivity - no longer hold. We precisely characterize this deviation by deriving a generalized form of additivity that captures the effect of swaps in the presence of trading fees. In particular, we prove that when ϕ < 1, executing a single large swap yields strictly greater profit than splitting the trade into smaller ones. Finally, we derive a closed-form solution to the arbitrage problem in the presence of trading fees and prove its uniqueness. All results are formalized and machine-checked in the Lean 4 proof assistant.
The objectives of this paper are to provide a methodology for applying the DeTEcT framework to modelling token economies, to formalise the configuration of the simulation environment, and to introduce an event analysis framework. A token economy is an economic system that has a unique mechanism for controlling its monetary supply, and a medium, in the form of a token or currency, for the valuation of goods and services, the settlement of transactions, and the storage of value. We show the key decisions that must be made when modelling an economy with the DeTEcT framework and showcase some numerical methods that can be used in conjunction with the framework to perform economic simulations. We also propose a framework for analysing and measuring the impacts of events on an economy, while also developing a procedure to measure the significance of these impacts. Throughout the paper, we use Bitcoin as a case study to demonstrate how to apply the frameworks and tools we proposed here. We show how a model of Bitcoin token economy can be set up, and how to measure the impacts of Bitcoin's endogenous policies (i.e., BIPs) on the wealth distribution of its economic participants.
In traditional banking, repeated deposit-and-lend cycles let a single dollar of reserves support multiple dollars of claims. Decentralized finance produces an analogous structure with tokens. Constructing a Token Graph of 10,200 tokens across 200 blockchains, this paper maps the resulting hierarchy and shows that, by late 2025, each dollar of base assets supports $4.7 of total claims. An embedded yield correction disentangles two channels that raw data conflates: a compositional channel, where lending protocols concentrate in deeper tiers and mechanically raise average yields; and a liquidity channel, where each derivation step reduces secondary-market depth and depresses yields in liquidity-sensitive pools. The liquidity channel concentrates in DEX pools and vanishes in lending pools. A yield decomposition shows that the tier gradient operates entirely through fundamental protocol yields, not incentive-token emissions; quantile regressions reveal that the structural associations concentrate in the upper tail of the yield distribution, with near-zero effects at the median. These findings reframe DeFi's "double counting" as a structural risk question and identify liquidity fragmentation as the primary mechanism associated with yield variation across the token hierarchy.
Most current assessments use ex post proxies that miss uncertainty and fail to consistently capture the rapid change in bitcoin mining. We introduce a unified, ex ante statistical model that derives expected return, downside risk, and upside potential profit from the first principles of mining: Each hash is a Bernoulli trial with a Bitcoin block difficulty-based success probability. The model yields closed-form expected revenue per hash-rate unit, risk metrics in different scenarios, and upside-profit probabilities for different fleet sizes. Empirical calibration closely matches previously reported observations, yielding a unified, faithful quantification across hardware, pools, and operating conditions. This foundation enables more reliable analysis of mining impacts and behavior.
How users adapt after being sandwiched remains unclear; this paper provides an empirical quantification. Using transaction level data from November 2024 to February 2025, enriched with mempool visibility and ZeroMEV labels, we track user outcomes after their n-th public sandwich: (i) reactivation, i.e., the resumption of on-chain activity within a 60-day window, and (ii) first-time adoption of private routing. We refer to users who do not reactivate within this window as churned, and to users experiencing multiple attacks (n>1) as undergoing repeated exposure. Our analysis reveals measurable behavioral adaptation: around 40% of victims migrate to private routing within 60 days, rising to 54% with repeated exposures. Churn peaks at 7.5% after the first sandwich but declines to 1-2%, consistent with survivor bias. In Nov-Dec 2024 we confirm 2,932 private sandwich attacks affecting 3,126 private victim transactions, producing \$409,236 in losses and \$293,786 in attacker profits. A single bot accounts for nearly two-thirds of private frontruns, and private sandwich activity is heavily concentrated on a small set of DEX pools. These results highlight that private routing does not guarantee protection from MEV extraction: while execution failures push users toward private channels, these remain exploitable and highly concentrated, demanding continuous monitoring and protocol-level defenses.
Understanding the economic intent of Ethereum transactions is critical for user safety, yet current tools expose only raw on-chain data or surface-level intent, leading to widespread "blind signing" (approving transactions without understanding them). Through interviews with 16 Web3 users, we find that effective explanations should be structured, risk-aware, and grounded at the token-flow level. Motivated by these findings, we formulate TxSum, a new user-centered NLP task for Ethereum transaction understanding, and construct a dataset of 187 complex Ethereum transactions annotated with transaction-level summaries and token flow-level semantic labels. We further introduce MATEX, a grounded multi-agent framework for high-stakes transaction explanation. It selectively retrieves external knowledge under uncertainty and audits explanations against raw traces to improve token-flow-level factual consistency. MATEX achieves the strongest overall explanation quality, especially on micro-level factuality and intent quality. It improves user comprehension on complex transactions from 52.9% to 76.5% over the strongest baseline and raises malicious-transaction rejection from 36.0% to 88.0%, while maintaining a low false-rejection rate on benign transactions.
Stanisław Drożdż, Paweł Jarosz, Jarosław Kwapień, Maria Skupień · 5 authors
Correlations in complex systems are often obscured by nonstationarity, long-range memory, and heavy-tailed fluctuations, which limit the usefulness of traditional covariance-based analyses. To address these challenges, we construct scale- and fluctuation-dependent correlation matrices using the multifractal detrended cross-correlation coefficient ρr that selectively emphasizes fluctuations of different amplitudes. We examine the spectral properties of these detrended correlation matrices and compare them to the spectral properties of the matrices calculated in the same way from synthetic Gaussian and q-Gaussian signals. Our results show that detrending, heavy tails, and the fluctuation-order parameter r jointly produce spectra, which substantially depart from the random case even under the absence of cross-correlations in time series. Applying this framework to one-minute returns of 140 major cryptocurrencies from 2021 to 2024 reveals robust collective modes, including a dominant market factor and several sectoral components whose strength depends on the analyzed scale and fluctuation order. After filtering out the market mode, the empirical eigenvalue bulk aligns closely with the limit of random detrended cross-correlations, enabling clear identification of structurally significant outliers. Overall, the study provides a refined spectral baseline for detrended cross-correlations and offers a promising tool for distinguishing genuine interdependencies from noise in complex, nonstationary, heavy-tailed systems.
Bitcoin mining hardware acquisition requires strategic timing due to volatile markets, rapid technological obsolescence, and protocol-driven revenue cycles. Despite mining's evolution into a capital-intensive industry, there is little guidance on when to purchase new Application-Specific Integrated Circuit (ASIC) hardware, and no prior computational frameworks address this decision problem. We address this gap by formulating hardware acquisition as a time series classification task, predicting whether purchasing ASIC machines yields profitable (Return on Investment (ROI) >= 1), marginal (0 < ROI < 1), or unprofitable (ROI <= 0) returns within one year. We propose MineROI-Net, an open-source Transformer-based architecture designed to capture multi-scale temporal patterns in mining profitability. Evaluated on data from 20 ASIC miners released between 2015 and 2024 across diverse market regimes, MineROI-Net outperforms recurrent, convolutional, and attention-based baselines, achieving 83.2% accuracy and 83.5% macro F1-score. The model demonstrates strong economic relevance, achieving 97.8% precision in detecting unprofitable periods and 81.5% precision in detecting profitable ones, while avoiding misclassifying profitable scenarios as unprofitable and vice versa. These results indicate that MineROI-Net offers a practical, data-driven tool for timing mining hardware acquisitions, potentially reducing financial risk in capital-intensive mining operations.
Large Language Models (LLMs) have demonstrated remarkable potential as autonomous agents, approaching human-expert performance through advanced reasoning and tool orchestration. However, decision-making in fully dynamic and live environments remains highly challenging, requiring real-time information integration and adaptive responses. While existing efforts have explored live evaluation mechanisms in structured tasks, a critical gap remains in systematic benchmarking for real-world applications, particularly in finance where stringent requirements exist for live strategic responsiveness. To address this gap, we introduce AI-Trader, the first fully-automated, live, and data-uncontaminated evaluation benchmark for LLM agents in financial decision-making. AI-Trader spans three major financial markets: U.S. stocks, A-shares, and cryptocurrencies, with multiple trading granularities to simulate live financial environments. Our benchmark implements a revolutionary fully autonomous minimal information paradigm where agents receive only essential context and must independently search, verify, and synthesize live market information without human intervention. We evaluate six mainstream LLMs across three markets and multiple trading frequencies. Our analysis reveals striking findings: general intelligence does not automatically translate to effective trading capability, with most agents exhibiting poor returns and weak risk management. We demonstrate that risk control capability determines cross-market robustness, and that AI trading strategies achieve excess returns more readily in highly liquid markets than policy-driven environments. These findings expose critical limitations in current autonomous agents and provide clear directions for future improvements. The code and evaluation data are open-sourced to foster community research: https://github.com/HKUDS/AI-Trader.
Wenbin Wu, Kejiang Qian, Alexis Lui, Christopher Jack · 8 authors
We curate the DeXposure dataset, the first large-scale dataset for inter-protocol credit exposure in decentralized financial networks, covering global markets of 43.7 million entries across 4.3 thousand protocols, 602 blockchains, and 24.3 thousand tokens, from 2020 to 2025. A new measure, value-linked credit exposure between protocols, is defined as the inferred financial dependency relationships derived from changes in Total Value Locked (TVL). We develop a token-to-protocol model using DefiLlama metadata to infer inter-protocol credit exposure from the token's stock dynamics, as reported by the protocols. Based on the curated dataset, we develop three benchmarks for machine learning research with financial applications: (1) graph clustering for global network measurement, tracking the structural evolution of credit exposure networks, (2) vector autoregression for sector-level credit exposure dynamics during major shocks (Terra and FTX), and (3) temporal graph neural networks for dynamic link prediction on temporal graphs. From the analysis, we observe (1) a rapid growth of network volume, (2) a trend of concentration to key protocols, (3) a decline of network density (the ratio of actual connections to possible connections), and (4) distinct shock propagation across sectors, such as lending platforms, trading exchanges, and asset management protocols. The DeXposure dataset and code have been released publicly. We envision they will help with research and practice in machine learning as well as financial risk monitoring, policy analysis, DeFi market modeling, amongst others. The dataset also contributes to machine learning research by offering benchmarks for graph clustering, vector autoregression, and temporal graph analysis.
This paper introduces Lean 5.0, a human-centric evolution of Lean-Digital integration that connects predictive analytics, AI collaboration, and continuous learning within Industry 5.0 and Construction 5.0 contexts. A systematic literature review (2019-2024) and a 12-week empirical validation study demonstrate measurable performance gains, including a 13% increase in Plan Percent Complete (PPC), 22% reduction in rework, and 42% improvement in forecast accuracy. The study adopts a mixed-method Design Science Research (DSR) approach aligned with PRISMA 2020 guidelines. The paper also examines integration with digital twin and blockchain technologies to improve traceability, auditability, and lifecycle transparency. Despite limitations related to sample size, single-case design, and study duration, the findings show that Lean 5.0 provides a transformative paradigm connecting human cognition with predictive control in construction management.
Forecasting cryptocurrency prices is hindered by extreme volatility and a methodological dilemma between information-scarce univariate models and noise-prone full-multivariate models. This paper investigates a partial-multivariate approach to balance this trade-off, hypothesizing that a strategic subset of features offers superior predictive power. We apply the Partial-Multivariate Transformer (PMformer) to forecast daily returns for BTCUSDT and ETHUSDT, benchmarking it against eleven classical and deep learning models. Our empirical results yield two primary contributions. First, we demonstrate that the partial-multivariate strategy achieves significant statistical accuracy, effectively balancing informative signals with noise. Second, we experiment and discuss an observable disconnect between this statistical performance and practical trading utility; lower prediction error did not consistently translate to higher financial returns in simulations. This finding challenges the reliance on traditional error metrics and highlights the need to develop evaluation criteria more aligned with real-world financial objectives.
This paper introduces a hybrid framework for portfolio optimization that fuses Long Short-Term Memory (LSTM) forecasting with a Proximal Policy Optimization (PPO) reinforcement learning strategy. The proposed system leverages the predictive power of deep recurrent networks to capture temporal dependencies, while the PPO agent adaptively refines portfolio allocations in continuous action spaces, allowing the system to anticipate trends while adjusting dynamically to market shifts. Using multi-asset datasets covering U.S. and Indonesian equities, U.S. Treasuries, and major cryptocurrencies from January 2018 to December 2024, the model is evaluated against several baselines, including equal-weight, index-style, and single-model variants (LSTM-only and PPO-only). The framework's performance is benchmarked against equal-weighted, index-based, and single-model approaches (LSTM-only and PPO-only) using annualized return, volatility, Sharpe ratio, and maximum drawdown metrics, each adjusted for transaction costs. The results indicate that the hybrid architecture delivers higher returns and stronger resilience under non-stationary market regimes, suggesting its promise as a robust, AI-driven framework for dynamic portfolio optimization.
Chuanlei Li, Zhicheng Sun, Jing Xin Yuu, Xuechao Wang
Cross-chain interoperability is a core component of modern blockchain infrastructure, enabling seamless asset transfers and composable applications across multiple blockchain ecosystems. However, the transparency of cross-chain messages can inadvertently expose sensitive transaction information, creating opportunities for adversaries to exploit value through manipulation or front-running strategies. In this work, we investigate cross-chain sandwich attacks targeting liquidity pool-based cross-chain bridge protocols. We uncover a critical vulnerability where attackers can exploit events emitted on the source chain to learn transaction details on the destination chain before they appear in the destination chain mempool. This information advantage allows attackers to strategically place front-running and back-running transactions, ensuring that their front-running transactions always precede those of existing MEV bots monitoring the mempool of the destination chain. Moreover, current sandwich-attack defenses are ineffective against this new cross-chain variant. To quantify this threat, we conduct an empirical study using two months (August 10 to October 10, 2025) of cross-chain transaction data from the Symbiosis protocol and a tailored heuristic detection model. Our analysis identifies attacks that collectively garnered over \(5.27\) million USD in profit, equivalent to 1.28\% of the total bridged volume.
This paper presents a comprehensive comparative analysis of two dominant blockchain consensus mechanisms, Proof of Work (PoW) and Proof of Stake (PoS), evaluated across seven critical metrics: energy use, security, transaction speed, scalability, centralization risk, environmental impact, and transaction fees. Utilizing recent academic research and real-world blockchain data, the study highlights that PoW offers robust, time-tested security but suffers from high energy consumption, slower throughput, and centralization through mining pools. In contrast, PoS demonstrates improved scalability and efficiency, significantly reduced environmental impact, and more stable transaction fees, however it raises concerns over validator centralization and long-term security maturity. The findings underscore the trade-offs inherent in each mechanism and suggest hybrid designs may combine PoW's security with PoS's efficiency and sustainability. The study aims to inform future blockchain infrastructure development by striking a balance between decentralization, performance, and ecological responsibility.
The potential of agricultural data (AgData) to drive efficiency and sustainability is stifled by the "AgData Paradox": a pervasive lack of trust and interoperability that locks data in silos, despite its recognized value. This paper introduces AgriTrust, a federated semantic governance framework designed to resolve this paradox. AgriTrust integrates a multi-stakeholder governance model, built on pillars of Data Sovereignty, Transparent Data Contracts, Equitable Value Sharing, and Regulatory Compliance, with a semantic digital layer. This layer is realized through the AgriTrust Core Ontology, a formal OWL ontology that provides a shared vocabulary for tokenization, traceability, and certification, enabling true semantic interoperability across independent platforms. A key innovation is a blockchain-agnostic, multi-provider architecture that prevents vendor lock-in. The framework's viability is demonstrated through case studies across three critical Brazilian supply chains: coffee (for EUDR compliance), soy (for mass balance), and beef (for animal tracking). The results show that AgriTrust successfully enables verifiable provenance, automates compliance, and creates new revenue streams for data producers, thereby transforming data sharing from a trust-based dilemma into a governed, automated operation. This work provides a foundational blueprint for a more transparent, efficient, and equitable agricultural data economy.
Workday's compliance with global standards -- such as GDPR, SOC 2, HIPAA, ISO 27001, and FedRAMP -- shows its ability to best protect critical financial, healthcare, and government data.Automated compliance attributes like audit trails, behavioral analytics, and continuous reporting improve automation of the process and cut down on the manual effort to audit. A comparative review demonstrates enhanced risk management, operational flexibility, and breach mitigation. The paper also discusses potential future solutions with AI, ML and blockchain, to enhance attackdetection and data integrity. Overall, Workday turns out to be a secure, compliant and future-ready ERP solution. The paper also explores emerging trends, including the integration of AI, machine learning, and blockchain technologies to enhance next-generation threat detection and data integrity. The findings position Workday as a reliable, compliant, and future-ready ERP solution, setting a new benchmark for secure enterprise cloud management.
Financial fraud detection is critical for maintaining the integrity of financial systems, particularly in decentralised environments such as cryptocurrency networks. Although Graph Convolutional Networks (GCNs) are widely used for financial fraud detection, graph Transformer models such as Graph-BERT are gaining prominence due to their Transformer-based architecture, which mitigates issues such as over-smoothing. Graph-BERT is designed for static graphs and primarily evaluated on citation networks with undirected edges. However, financial transaction networks are inherently dynamic, with evolving structures and directed edges representing the flow of money. To address these challenges, we introduce DynBERG, a novel architecture that integrates Graph-BERT with a Gated Recurrent Unit (GRU) layer to capture temporal evolution over multiple time steps. Additionally, we modify the underlying algorithm to support directed edges, making DynBERG well-suited for dynamic financial transaction analysis. We evaluate our model on the Elliptic dataset, which includes Bitcoin transactions, including all transactions during a major cryptocurrency market event, the Dark Market Shutdown. By assessing DynBERG's resilience before and after this event, we analyse its ability to adapt to significant market shifts that impact transaction behaviours. Our model is benchmarked against state-of-the-art dynamic graph classification approaches, such as EvolveGCN and GCN, demonstrating superior performance, outperforming EvolveGCN before the market shutdown and surpassing GCN after the event. Additionally, an ablation study highlights the critical role of incorporating a time-series deep learning component, showcasing the effectiveness of GRU in modelling the temporal dynamics of financial transactions.
Despite the popularity of Hashed Time-Locked Contracts (HTLCs) because of their use in wide areas of applications such as payment channels, atomic swaps, etc, their use in exchange is still questionable. This is because of its incentive incompatibility and susceptibility to bribery attacks. State-of-the-art solutions such as MAD-HTLC (Oakland'21) and He-HTLC (NDSS'23) address this by leveraging miners' profit-driven behaviour to mitigate such attacks. The former is the mitigation against passive miners; however, the latter works against both active and passive miners. However, they consider only two bribing scenarios where either of the parties involved in the transfer collude with the miner. In this paper, we expose vulnerabilities in state-of-the-art solutions by presenting a miner-collusion bribery attack with implementation and game-theoretic analysis. Additionally, we propose a stronger attack on MAD-HTLC than He-HTLC, allowing the attacker to earn profits equivalent to attacking naive HTLC. Leveraging our insights, we propose \prot, a game-theoretically secure HTLC protocol resistant to all bribery scenarios. \prot\ employs a two-phase approach, preventing unauthorized token confiscation by third parties, such as miners. In Phase 1, parties commit to the transfer; in Phase 2, the transfer is executed without manipulation. We demonstrate \prot's efficiency in transaction cost and latency via implementations on Bitcoin and Ethereum.
Stanisław Drożdż, Robert Kluszczyński, Jarosław Kwapień, Marcin Wątorek
Multifractality in time series analysis characterizes the presence of multiple scaling exponents, indicating heterogeneous temporal structures and complex dynamical behaviors beyond simple monofractal models. In the context of digital currency markets, multifractal properties arise due to the interplay of long-range temporal correlations and heavy-tailed distributions of returns, reflecting intricate market microstructure and trader interactions. Incorporating multifractal analysis into the modeling of cryptocurrency price dynamics enhances the understanding of market inefficiencies, may improve volatility forecasting and facilitate the detection of critical transitions or regime shifts. Based on the multifractal cross-correlation analysis (MFCCA) whose spacial case is the multifractal detrended fluctuation analysis (MFDFA), as the most commonly used practical tools for quantifying multifractality, in the present contribution a recently proposed method of disentangling sources of multifractality in time series was applied to the most representative instruments from the digital market. They include Bitcoin (BTC), Ethereum (ETH), decentralized exchanges (DEX) and non-fungible tokens (NFT). The results indicate the significant role of heavy tails in generating a broad multifractal spectrum. However, they also clearly demonstrate that the primary source of multifractality are temporal correlations in the series, and without them, multifractality fades out. It appears characteristic that these temporal correlations, to a large extent, do not depend on the thickness of the tails of the fluctuation distribution. These observations, made here in the context of the digital currency market, provide a further strong argument for the validity of the proposed methodology of disentangling sources of multifractality in time series.
This study aims to detect pump and dump (P&D) manipulation in cryptocurrency markets, where the scarcity of such events causes severe class imbalance and hinders accurate detection. To address this issue, the Synthetic Minority Oversampling Technique (SMOTE) was applied, and advanced ensemble learning models were evaluated to distinguish manipulative trading behavior from normal market activity. The experimental results show that applying SMOTE greatly enhanced the ability of all models to detect P&D events by increasing recall and improving the overall balance between precision and recall. In particular, XGBoost and LightGBM achieved high recall rates (94.87% and 93.59%, respectively) with strong F1-scores and demonstrated fast computational performance, making them suitable for near real time surveillance. These findings indicate that integrating data balancing techniques with ensemble methods significantly improves the early detection of manipulative activities, contributing to a fairer, more transparent, and more stable cryptocurrency market.
Zeyu Chen, Yun Ji, Bowen Wang, Liwen Shi · 6 authors
Large language models (LLMs) show great promise in healthcare, but their applications are hindered by data privacy restrictions and the challenges of cross-institution collaboration. Sensitive medical data cannot be centralized, while non-independent and identically distributed (non-IID) characteristics across institutions further complicate convergence and fairness. To address these issues, we present a federated fine-tuning approach based on Low-Rank Adaptation (LoRA), enabling privacy-preserving knowledge flow across institutions. The method iteratively combines local LoRA adaptation with global parameter aggregation, allowing efficient knowledge sharing without exposing raw data. A blockchain identity scheme is used for identifying individual LLM in such a distributed network. We evaluate this approach on heterogeneous and highly non-IID medical text datasets, where experiments demonstrate that federated LoRA not only enhances cross-client generalization but also improves the performance of the weakest client, achieving stable convergence and fairer outcomes. These findings highlight federated LoRA fine-tuning as a practical and effective paradigm for adapting LLMs in healthcare, offering a new path for multi-center medical AI collaboration.