Dan Robinson is a General Partner at Paradigm, focused on crypto investments and research into open-source protocols. Previously, Dan was a protocol researcher at Interstellar. Before Interstellar, Dan practiced as a litigation attorney at Paul, Weiss, Rifkind, Wharton & Garrison LLP. He earned a J.D. from Harvard Law School and an A.B. from Harvard University.

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Dan Robinson

Dave White

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General Partner

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Ciamac Moallemi

Research Advisor

The future holds a million stablecoins. Today's infrastructure isn't ready.

This paper introduces Orbital, an automated market maker for pools of 2, 3, or 10,000 stablecoins.

Orbital unlocks capital efficiency by bringing concentrated liquidity to unlimited dimensions.

Orbital

Hart Lambur

Matt Rice

Across Prime introduces a new "bonded" model for trustless cross-chain bridging, which can be more gas and capital efficient than current "escrowed" models.

Across Prime

Mallesh Pai

This paper studies and quantifies one of the fundamental limits to reducing MEV: latency advantages.

Timing Advantages in Onchain Auctions

Georgios Konstantopoulos

General Partner & CTO

Matt Huang

Co-Founder & Managing Partner

Charlie Noyes

Ethereum Acceleration

Introducing pm-AMM: an automated market maker designed for prediction markets. We introduce a new methodology for deriving AMMs for particular assets, and apply it to prediction market tokens, creating an AMM that may provide more consistent liquidity and reduce the risk of losing everything.

pm-AMM: A Uniform AMM for Prediction Markets

Hayden Adams

Mark Toda

Alex Karys

Xin Wan

Daniel Gretzke

Eric Zhong

Zach Wong

Daniel Marzec

Robert Miller

Hasu

Karl Floersch

Unichain is an optimistic rollup optimized for efficient markets by delivering fast state updates, offering a framework for applications to internalize MEV, and providing an economic finality system for quick settlement across blockchains.

Unichain

In this post, we introduce MEV taxes, a mechanism that arbitrary applications can use to capture their own MEV. This mechanism could be used today on OP Stack L2s like OP Mainnet, Base, and Blast, because the block proposers on those chains follow a set of rules we call competitive priority ordering.

Priority Is All You Need

Joe Clark

Andrew Leone

Power perps are assets that target the power of an index price. It’s a fun rabbit hole to go down. The longer you think about power perps, the more you see how everything resembles a power perp.

Everything Is A Perp

Ludwig Thouvenin

Karthik Srinivasan

Leaderless Auctions are decentralized auctions with no auctioneer. They address the “last look” problem that can emerge when one participant is allowed to act after all others.

Leaderless Auctions

Paradigm is a group of builders that supports other builders. Some of our most fruitful collaborations involve deep work with entrepreneurial teams to solve important business and research problems.

Collaborate with Paradigm

transmissions11

Research Associate

Galaga

Toad

Pacman

Blend is a peer-to-peer perpetual lending protocol that enables lending against arbitrary collateral with no oracle dependencies.

Blend: Perpetual Lending With NFT Collateral

Fred Ehrsam

Co-Founder & General Partner

Doug Feagin

Venture Partner

At Paradigm, we want to work with the brightest minds in crypto. The Paradigm Fellowship is for that next generation of crypto talent.

Paradigm Fellowship

Gordon Liao

New research published today shows that Uniswap Protocol v3 has deeper liquidity in ETH/USD, ETH/BTC and other ETH pairs than leading centralized exchanges. This research demonstrates that AMM market structure – which is largely crypto-native today – can surpass order-book exchanges and transform traditional financial market structure to be more liquid, stable, and secure.

The Dominance of Uniswap v3 Liquidity

Frankie

Partner, Investing & Research

Andy8052

This paper introduces the Gradual Dutch Auction, or GDA, a mechanism that enables efficient sales of assets that do not have liquid markets. 

Gradual Dutch Auctions

amyaixizhang

Rodrigo Seira

With this analysis, we hope to ease uncertainty plaguing industry actors and provide clarity around the scope of sanctions compliance obligations.

Base Layer Neutrality

andy8052

Introducing a new NFT fractionalization primitive: RICKS (Recurrently Issued Collectively Kept Shards)



RICKS

Zubin Koticha

Alexis Gauba

Aparna Krishnan

Introducing a new type of derivative: the power perpetual.

Power Perpetuals

Uniswap v3 allows liquidity providers to provide custom amounts of liquidity in selected price ranges. This unlocks tremendous capital efficiency gains for liquidity providers who can manually adjust their exposure.

Uniswap v3: The Universal AMM

Uniswap v3 replaces fungible ERC-20 liquidity positions with non-fungible ERC-721 liquidity positions.

Does that mean it no longer supports flexible Uniswap-v2-style liquidity mining? Or that liquidity mining programs will have to be actively managed, selecting specific ranges to incentivize? Or that liquidity mining programs could be gamed by providing huge amounts of inactive liquidity?

Liquidity Mining on Uniswap v3

On Ethereum, all applications run on a shared state machine. In Cosmos, many application-specific blockchains pass assets and other messages between one another. If Ethereum is a mainframe computer, Cosmos is a protocol for networking independent servers.

A Cosmos Thesis

Martin Tassy

An investigation into the nature of constant product markets.

Uniswap's Financial Alchemy

It’s no secret that the Ethereum blockchain is a highly adversarial environment. If a smart contract can be exploited for profit, it eventually will be. But this unforgiving environment pales in comparison to the mempool. If the chain itself is a battleground, the mempool is something worse: a dark forest.

Ethereum is a Dark Forest

This paper presents a sketch of a new building block for decentralized finance: yTokens. yTokens are like zero-coupon bonds: on-chain obligations that settle on a specific future date based on the price of some target asset, and are secured by collateral in another asset.

The Yield Protocol: On-Chain Lending With Interest Rate Discovery

This paper presents the Rainbow Network, a design for an off-chain non-custodial exchange and payment network supporting any assets for which two parties can agree on a price oracle.

The Rainbow Network: An Off-Chain Decentralized Synthetics Exchange

Dan Robinson joins Paradigm as a Research Partner.