Krzysztof Gogol, Johnnatan Messias, Deborah Miori, Claudio J. Tessone · 5 authors
This study quantifies the potential non-atomic MEV on Layer-2 (L2) blockchains by measuring the arbitrage opportunities between cross-rollup and DEX-CEX. Over recent years, we observe a shift in trading activities from Ethereum to rollups, with swaps on rollups occurring 2-3 times more frequently, albeit with lower trade volumes. By analyzing the costs of swap on L2s and price discrepancies cross-rollup and DEX-CEX, we identify more than 500 000 unexplored arbitrage opportunities. In particular, we find that these opportunities persist, on average, for 10 to 20 blocks, necessitating the modification of the Loss Versus Rebalancing (LVR) metric to prevent double-counting. Our findings indicate that the arbitrage opportunities in Arbitrum, Base, and Optimism range between 0.03% and 0.05% of the trading volume, while in the ZKsync it fluctuates around 0.25%.
Krzysztof Gogol, Johnnatan Messias, Maria Inês Silva, Benjamin Livshits
Late 2023 witnessed significant user activity on EVM chains, resulting in a surge in transaction activity and putting many rollups into the first live test. While some rollups performed well, some others experienced downtime during this period, affecting transaction finality time and gas fees. To address the lack of empirical research on rollups, we perform the first study during a heightened activity during the late 2023 transaction boom, as attributed to inscriptions - a novel technique that enables NFT and ERC-20 token creation on Bitcoin and other blockchains. We observe that minting inscription-based meme tokens on zkSync Era allows for trading at a fraction of the costs, compared to the Bitcoin or Ethereum networks. We also found that the increased transaction activity, over 99% attributed to the minting of new inscription tokens, positively affected other users of zkSync Era, resulting in lowered gas fees. Unlike L1 blockchains, ZK rollups may experience lower gas fees with increased transaction volume. Lastly, the introduction of blobs - a form of temporary data storage - decreased the gas costs of Ethereum rollups, but also raised a number of questions about the security of inscription-based tokens.
The International Journal of Computer Engineering in Research Trends (IJCERT) is a peer-reviewed, open access journal that publishes high-quality research papers, reviews, short communications, and notes in the field of computer science engineering and its research trends. The journal covers a wide range of topics in computer science and engineering, including: Welcome to the International Journal of Computer Engineering in Research Trends (IJCERT), is a peer-reviewed, open access journal dedicated to publishing innovative research papers, reviews, short communications, and notes in the field of computer science engineering and related disciplines. IJCERT encourages conceptual, state-of-the-art, research, standard, implementation, experimental, application, and industrial case study discussions in various areas, including: computer architecture, computer networks, software engineering, information security, artificial intelligence, machine learning, data science, robotics, cyber-physical systems, the internet of things, and other areas of computer science engineering and Its Applications.
Jan 1, 2022·Proceedings of the International Conference on Information Economy, Data Modeling and Cloud Computing, ICIDC 2022, 17-19 June 2022, Qingdao, China
Consensus algorithms are getting more and more attention. It can help the majority of nodes in the blockchain to agree on the determination of new blocks. Proof-of-Work is a relatively mature consensus algorithm, which plays an important role in improving the security of Bitcoin. In addition, Proof-
Yuichi Yagawa, H. Kato, Shuichiro Sakikawa, Gaku Suzuki
Due to global changes in social structure, the needs for social infrastructure are diversified and continually changing overtime. To capture the structural changes in the market and to sustainably and continuously improve the quality of life of users, innovative manufacturing is required to flexibly and incrementally innovate their business in finance, organizations, technology, and operations. In this chapter, we explain our incremental expansion of social infrastructure business to the UK railway market using the autonomous decentralized system concept.
This paper will review the key elements required for effective decentralized implementation of rural roads programs. It will review the range of options available and the evidence for successful implementation where it exists. Section 2 makes the case for the importance of rural roads and sets out the evidence for the socio-economic benefits. Section 3 addresses the responsibilities for implementation and critical importance of having clarity over network ownership. Section 4 highlights the difficulties of finance, particularly for longer term maintenance, and sets out options for improving allocations and the reliability of receipt for those allocations. Section 5 sets out the project cycle from planning, design, implementation, maintenance and subsequent evaluation. Section 6 summarizes the key issues and highlights the main policy considerations.
The article discusses the impact of the railway reform on the organization and financing of the regional railway traffic in Germany from the 1990s until today. The examples of Bavaria and Saxony show two possible ways – a complete centralization in the first and a complete decentralization in the second case. Further is introduced a pilot Project of the Deutsche Bahn, so called RegioNetz. This project aims to create an effective, flexible and low-cost structure within a holding company, which enables keeping the traffic thank to reduced costs on local lines.
This paper covers network investment problems under decentralized control of regulation, infrastructure ownership and management. The model features two countries managing domestic infrastructures, used simultaneously for downstream international service provision. Initially, the welfare losses from non-cooperative investment financing policy and access pricing are derived. The impact of strategic interaction between the countries' access prices on the choice of financing policy is investigated. Under strict budget balancing, there are no incentives for efficiency improving investments. Further, investment coordination is shown useless in the absence of regulatory coordination. Illustrations from European network regulation policy for energy and rail are presented.
Edward W. Hill, Billie K. Geyer, Claudette Robey, John F. Brennan · 5 authors
This paper investigates the transportation expenditure geographic pattern in Ohio from 1980 to 1988. It focuses on the location and spatial patterns of state transportation spending and finance. It then compares these variables with transportation need and demand indicators. The aim of the report is to ascertain whether or not the state's transportation money is being spent appropriately to meet the many challengers occurring today in metropolitan areas. Some of these challenges include traffic congestion, aging infrastructure, and decentralizing economic development.
This article examines the process by which motor carriers took freight business away from railroads. Today they carry more than 70% of domestic freight by value, more than 85% by gross revenues. The reasons go beyond trucks' use of publicly financed highways. Among them are: shorter, faster routes because today's highways correspond better to modern population centers than 19th-century rail lines, pay-as-you go costs for using highways, decentralization and deregulation and entrepreneurial management.
THE SURFACE TRANSPORTAtion Board (STB) issued its long-awaited rules for railroad mergers and received negative reactions from all sides. The rules were prepared during a 15-month moratorium on rail mergers imposed because earlier mergers had caused severe service disruptions and substantially increased shippers' costs. The STB rules affect mergers and consolidations of class 1 railroads—those with annual revenues over $250 million—and are supposed to require more proof from railroads that a merger will be in the public's best interest. STB seeks more emphasis on enhancing competition while ensuring stable, reliable service for all involved. The railroads think the rules are too tough. The Association of American Railroads, the umbrella trade organization, says the new rules make railroads subject to stricter rules for competition than other industries. Major rail carrier CSX Corp. says in a statement that STB "has raised the bar for rail consolidation," making future transactions, "all the more difficult to achieve." As a major user of railroads, the chemical industry has a big stake in the rules. And it is not pleased. "The STB decision definitely misses the mark," says Frederick L. Webber, president and ...
New methods of contractor procurement and project development are evolving. From turnkey to the latest design-build-operate-maintain (DBOM) processes, this evolution focuses on reducing costs, shortening project duration, and better allocating risk among private and public participants. One of the newest developments in the evolving DBOM procurement process is described. The process is being developed and refined in several projects in New Jersey. This new approach is a major change in project initiation and motivation—a more bottom-up, decentralized project development and implementation process. Beginning as a public-private partnership bill (A-2560) in New Jersey’s statehouse, as an effort to quickly advance a wide array of transportation initiatives, the new procurement process modified the state transportation statute to encourage more initiative and participation by the private sector in transportation projects. In consultation with private-sector interests, rail transit operators, and New Jersey Department of Transportation (NJDOT) leaders, the chairman of the Assembly Transportation Committee crafted the bill. After approval by both houses and signature by the governor, the new statute was used to solicite project proposals. Various consortia responded, representing 13 initiatives, two of which are considered rail transit new starts. The North Jersey Rapid Rail (NJRR) proposal, as a case study, demonstrates how the bottom-up, “beyond DBOM” process is working. NJRR is an initiative of a consultant-contractor consortium working with two transit-dependent counties (Bergen and Passaic) and NJDOT. A freight railroad is part of the team. The initiative is a devolution of risk and responsibility to a more local level and a reversion to earlier private partnerships. During the first half of the 20th century, most of the rail transit infrastructure in North America was designed built, operated, and maintained efficiently by private-sector consortia consisting of finance, transit operating, utility, and construction interests. From the vantage point of one millennium ending and a new one beginning, this research is retrospective as well as futuristic.
A wave of privatization is sweeping the globe, affecting about 100 countries and adding up to an average of more than $60 billion a year in business in the past decade. The challenge is to ensure that privatization yields clear benefits. Empirical studies suggest that ownership change by itself will often yield results, especially when it reduces government interference. But the regulation required in areas of natural monopoly can become overly intrusive and undermine progress. Real competition is required to generate sizable and lasting welfare improvements. But in infrastructure sectors, the introduction of competition is complicated by the existence of complex transport and communications networks. Debate about whether and how to introduce competition in network industries is sometimes heated. Certain questions recur: Will continuing regulation be needed? Whether and at what terms will private finance be forthcoming? The author argues that policymakers need to understand how competitive forces can be brought to bear in network industries. He explains the following: 1) common principles that are often lost in"technical"debates about specific sectors; 2) various methods for introducing competition in network industries; 3) competition for the market, and bidding for franchises; 4) options for competition for existing networks; 5) options for expanding competitive systems by decentralizing investment in new network capacity; 6) the option of allowing competition among multiple networks; and 7) the implications of these options for the sectors and for financing industry expansion. In case of doubt, he contends, policymakers should not restrict the entry of competitive firms in such networks. If they do, entry restrictions should be subject to an automatic test after a set period, and reviewed for costs and benefits.
The aim of this report is to discuss appropriate planning philosophy for road development. The paper analyses the fundamental economic characteristic of road and transport service supply and demand. Two alternatives are considered: (1) that the citizens, in the political process, should be able to choose the main direction of the development of the structure of society including the transport infrastructure, and (2) that decentralized decision-making should be encouraged and facilitated by clear economic principles of pricing as well as investment criteria.