Across 23 large USD/JPY moves, U.S. yields, BTC/ETH, and a tokenized-Treasury allocation proxy moved—but not in a stable, repeatable sequence.
Solver competition and endogenous participation shape private execution gains and aggregate welfare across batch durations in a simplified intent-auction game.
TVL is a measure of capital. The marginal price is the current quote. Liquidity tells us how much trading it takes to move that quote.
A settlement workload calibrated to KRX's daily trading value fits within Ethereum's theoretical block-gas ceiling at the baseline. What changes under Glamsterdam is the cost of updating balances and creating new onchain state.
Testing Provider Changes Against Consumer-Declared Requirements
