Built on

Daian, P., Goldfeder, S., Kell, T., Li, Y., Zhao, X., Bentov, I., Breidenbach, L., Juels, A.: Flash boys 2.0: Frontrunning, transaction reordering, and consensus instability in decentralized exchanges (2019), https://arxiv.org/abs/1904.05234
Original
1904
Earlier work this paper cites.
Moin, A., Sirer, E.G., Sekniqi, K.: A classification framework for stablecoin designs (2019), https://arxiv.org/abs/1910.10098
Original
1910
Earlier work this paper cites.
Angeris, G., Kao, H.T., Chiang, R., Noyes, C., Chitra, T.: An analysis of uniswap markets (2020), https://arxiv.org/abs/1911.03380
Original
1911
Earlier work this paper cites.
Hoare, C.A.R.: Communicating Sequential Processes. International Series on Computer Science, Prentice-Hall (1985)
1985
Earlier work this paper cites.
Roscoe, A.W.: The Theory and Practice of Concurrency. Prentice Hall (1997), iSBN 0-13-674409-5
1997
Earlier work this paper cites.
Clarke, E.M., Grumberg, O., Peled, D.A.: Model Checking. MIT Press, Cambridge, MA, USA (2000)
2000
Earlier work this paper cites.
Gudgeon, L., Perez, D., Harz, D., Livshits, B., Gervais, A.: The decentralized financial crisis (2020), https://arxiv.org/abs/2002.08099
Original
2002
Earlier work this paper cites.
Qin, K., Zhou, L., Livshits, B., Gervais, A.: Attacking the DeFi ecosystem with flash loans for fun and profit (2020), https://arxiv.org/abs/2003.03810
Original
2003
Earlier work this paper cites.
Liu, B., Szalachowski, P.: A first look into DeFi oracles (2020), https://arxiv.org/abs/2005.04377
Original
2005
Earlier work this paper cites.
Gudgeon, L., Werner, S.M., Perez, D., Knottenbelt, W.J.: DeFi protocols for loanable funds: Interest rates, liquidity and market efficiency (2020), https://arxiv.org/abs/2006.13922
Original
2006
Earlier work this paper cites.
Sun, J., Liu, Y., Dong, J.S.: Model checking csp revisited: Introducing a process analysis toolkit. In: Margaria, T., Steffen, B. (eds.) Leveraging Applications of Formal Methods, Verification and Validation. pp. 307–322. Springer Berlin Heidelberg, Berlin, Heidelberg (2008)
2008
Earlier work this paper cites.
Tolmach, P., Li, Y., Lin, S.W., Liu, Y., Li, Z.: A survey of smart contract formal specification and verification (2020), https://arxiv.org/abs/2008.02712
Original
2008
Earlier work this paper cites.
Perez, D., Werner, S.M., Xu, J., Livshits, B.: Liquidations: DeFi on a knife-edge (2020), https://arxiv.org/abs/2009.13235
Original
2009
Earlier work this paper cites.
Sun, J., Liu, Y., Dong, J.S., Pang, J.: Pat: Towards flexible verification under fairness. In: Proc. of the CAV. vol. 5643, pp. 709–714. Springer (2009)
2009
Earlier work this paper cites.
Sun, J., Liu, Y., Dong, J.S., Chen, C.: Integrating specification and programs for system modeling and verification. In: Proceedings of the 2009 Third IEEE International Symposium on Theoretical Aspects of Software Engineering. pp. 127–135 (2009). https://doi.org/10.1109/TASE.2009.32
2009
Earlier work this paper cites.

Similar

Woodcock, J., Larsen, P.G., Bicarregui, J., Fitzgerald, J.: Formal methods: Practice and experience. ACM computing surveys 41
2009
Cited alongside, same era.
Wang, D., Wu, S., Lin, Z., Wu, L., Yuan, X., Zhou, Y., Wang, H., Ren, K.: Towards understanding flash loan and its applications in DeFi ecosystem (2020), https://arxiv.org/abs/2010.12252
Original
2010
Cited alongside, same era.
Liu, Y., Sun, J., Dong, J.S.: Pat 3: An extensible architecture for building multi-domain model checkers. In: 2011 IEEE 22nd International Symposium on Software Reliability Engineering. pp. 190–199 (2011). https://doi.org/10.1109/ISSRE.2011.19
2011
Cited alongside, same era.
Bartoletti, M., Chiang, J.H., Lluch-Lafuente, A.: Sok: Lending pools in decentralized finance (2020), https://arxiv.org/abs/2012.13230
Original
2012
Cited alongside, same era.

Then

Whitepaper - Balancer. Retrieved October 12, 2020 from https://balancer.finance/whitepaper/ (2020)
2020
Later among the works it cites.
Adams, H., Zinsmeister, N., Robinson, D.: Uniswap v2 Core Whitepaper. Retrieved October 12, 2020 from https://uniswap.org/whitepaper.pdf (2020)
2020
Later among the works it cites.
Bernardi, T., Dor, N., Fedotov, A., Grossman, S., Immerman, N., Jackson, D., Nutz, A., Oppenheim, L., Pistiner, O., Rinetzky, N., Sagiv, M., Taube, M., Toman, J.A., Wilcox, J.R.: WIP: Finding bugs automatically in smart contracts with parameterized invariants. Retrieved July 14, 2020 from https://www.certora.com/pubs/sbc2020.pdf (2020)
2020
Later among the works it cites.
Chen, W., Zhang, T., Chen, Z., Zheng, Z., Lu, Y.: Traveling the token world: A graph analysis of Ethereum ERC20 token ecosystem. In: Proceedings of The Web Conference 2020. p. 1411–1421. WWW ’20, ACM (2020). https://doi.org/10.1145/3366423.3380215
2020
Later among the works it cites.

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2021

Formal Analysis of Composable DeFi Protocols

Tolmach, Palina, Li, Yi, Lin, Shang-Wei et al.

Understand

Decentralized finance (DeFi) has become one of the most successful applications of blockchain and smart contracts.

The DeFi ecosystem enables a wide range of crypto-financial activities, while the underlying smart contracts often contain bugs, with many vulnerabilities arising from the unforeseen consequences of composing DeFi protocols together.
In this paper, we propose a formal process-algebraic technique that models DeFi protocols in a compositional manner to allow for efficient property verification.
We also conduct a case study to demonstrate the proposed approach in analyzing the composition of two interacting DeFi protocols, namely, Curve and Compound.

Built on

Daian, P., Goldfeder, S., Kell, T., Li, Y., Zhao, X., Bentov, I., Breidenbach, L., Juels, A.: Flash boys 2.0: Frontrunning, transaction reordering, and consensus instability in decentralized exchanges (2019), https://arxiv.org/abs/1904.05234
Original
1904
Earlier work this paper cites.
Moin, A., Sirer, E.G., Sekniqi, K.: A classification framework for stablecoin designs (2019), https://arxiv.org/abs/1910.10098
Original
1910
Earlier work this paper cites.
Angeris, G., Kao, H.T., Chiang, R., Noyes, C., Chitra, T.: An analysis of uniswap markets (2020), https://arxiv.org/abs/1911.03380
Original
1911
Earlier work this paper cites.
Hoare, C.A.R.: Communicating Sequential Processes. International Series on Computer Science, Prentice-Hall (1985)
1985
Earlier work this paper cites.
Roscoe, A.W.: The Theory and Practice of Concurrency. Prentice Hall (1997), iSBN 0-13-674409-5
1997
Earlier work this paper cites.
Clarke, E.M., Grumberg, O., Peled, D.A.: Model Checking. MIT Press, Cambridge, MA, USA (2000)
2000
Earlier work this paper cites.
Gudgeon, L., Perez, D., Harz, D., Livshits, B., Gervais, A.: The decentralized financial crisis (2020), https://arxiv.org/abs/2002.08099
Original
2002
Earlier work this paper cites.
Qin, K., Zhou, L., Livshits, B., Gervais, A.: Attacking the DeFi ecosystem with flash loans for fun and profit (2020), https://arxiv.org/abs/2003.03810
Original
2003
Earlier work this paper cites.
Liu, B., Szalachowski, P.: A first look into DeFi oracles (2020), https://arxiv.org/abs/2005.04377
Original
2005
Earlier work this paper cites.
Gudgeon, L., Werner, S.M., Perez, D., Knottenbelt, W.J.: DeFi protocols for loanable funds: Interest rates, liquidity and market efficiency (2020), https://arxiv.org/abs/2006.13922
Original
2006
Earlier work this paper cites.
Sun, J., Liu, Y., Dong, J.S.: Model checking csp revisited: Introducing a process analysis toolkit. In: Margaria, T., Steffen, B. (eds.) Leveraging Applications of Formal Methods, Verification and Validation. pp. 307–322. Springer Berlin Heidelberg, Berlin, Heidelberg (2008)
2008
Earlier work this paper cites.
Tolmach, P., Li, Y., Lin, S.W., Liu, Y., Li, Z.: A survey of smart contract formal specification and verification (2020), https://arxiv.org/abs/2008.02712
Original
2008
Earlier work this paper cites.
Perez, D., Werner, S.M., Xu, J., Livshits, B.: Liquidations: DeFi on a knife-edge (2020), https://arxiv.org/abs/2009.13235
Original
2009
Earlier work this paper cites.
Sun, J., Liu, Y., Dong, J.S., Pang, J.: Pat: Towards flexible verification under fairness. In: Proc. of the CAV. vol. 5643, pp. 709–714. Springer (2009)
2009
Earlier work this paper cites.
Sun, J., Liu, Y., Dong, J.S., Chen, C.: Integrating specification and programs for system modeling and verification. In: Proceedings of the 2009 Third IEEE International Symposium on Theoretical Aspects of Software Engineering. pp. 127–135 (2009). https://doi.org/10.1109/TASE.2009.32
2009
Earlier work this paper cites.

Similar

Woodcock, J., Larsen, P.G., Bicarregui, J., Fitzgerald, J.: Formal methods: Practice and experience. ACM computing surveys 41
2009
Cited alongside, same era.
Wang, D., Wu, S., Lin, Z., Wu, L., Yuan, X., Zhou, Y., Wang, H., Ren, K.: Towards understanding flash loan and its applications in DeFi ecosystem (2020), https://arxiv.org/abs/2010.12252
Original
2010
Cited alongside, same era.
Liu, Y., Sun, J., Dong, J.S.: Pat 3: An extensible architecture for building multi-domain model checkers. In: 2011 IEEE 22nd International Symposium on Software Reliability Engineering. pp. 190–199 (2011). https://doi.org/10.1109/ISSRE.2011.19
2011
Cited alongside, same era.
Bartoletti, M., Chiang, J.H., Lluch-Lafuente, A.: Sok: Lending pools in decentralized finance (2020), https://arxiv.org/abs/2012.13230
Original
2012
Cited alongside, same era.

Then

Whitepaper - Balancer. Retrieved October 12, 2020 from https://balancer.finance/whitepaper/ (2020)
2020
Later among the works it cites.
Adams, H., Zinsmeister, N., Robinson, D.: Uniswap v2 Core Whitepaper. Retrieved October 12, 2020 from https://uniswap.org/whitepaper.pdf (2020)
2020
Later among the works it cites.
Bernardi, T., Dor, N., Fedotov, A., Grossman, S., Immerman, N., Jackson, D., Nutz, A., Oppenheim, L., Pistiner, O., Rinetzky, N., Sagiv, M., Taube, M., Toman, J.A., Wilcox, J.R.: WIP: Finding bugs automatically in smart contracts with parameterized invariants. Retrieved July 14, 2020 from https://www.certora.com/pubs/sbc2020.pdf (2020)
2020
Later among the works it cites.
Chen, W., Zhang, T., Chen, Z., Zheng, Z., Lu, Y.: Traveling the token world: A graph analysis of Ethereum ERC20 token ecosystem. In: Proceedings of The Web Conference 2020. p. 1411–1421. WWW ’20, ACM (2020). https://doi.org/10.1145/3366423.3380215
2020
Later among the works it cites.

Beyond the bibliography

alphaXiv searches the wider corpus for related work and actual follow-ups.

Open on alphaXiv

alphaXiv is searching for related work…

Lin, S.W., Liu, Y., Sun, J., Dong, J.S., André, É.: Automatic compositional verification of timed systems. In: Giannakopoulou, D., Méry, D. (eds.) FM 2012: Formal Methods. pp. 272–276. Springer Berlin Heidelberg, Berlin, Heidelberg (2012)

2012

Cited alongside, same era.

Lin, S., Andre, E., Liu, Y., Sun, J., Dong, J.: Learning assumptions for compositional verification of timed systems. IEEE Transactions on Software Engineering (02), 137–153 (feb 2014). https://doi.org/10.1109/TSE.2013.57

2013

Cited alongside, same era.

Lin, S.W., Sun, J., Nguyen, T.K., Liu, Y., Dong, J.S.: Interpolation guided compositional verification. In: Proceedings of the 30th IEEE/ACM International Conference on Automated Software Engineering. p. 65–74. ASE ’15, IEEE Press (2015). https://doi.org/10.1109/ASE.2015.33

2015

Cited alongside, same era.

Vogelsteller, F., Buterin, V.: ERC-20 token standard. Retrieved July 14, 2020 from https://eips.ethereum.org/EIPS/eip-20 (2015)

2015

Cited alongside, same era.

Grossman, S., Abraham, I., Golan-Gueta, G., Michalevsky, Y., Rinetzky, N., Sagiv, M., Zohar, Y.: Online detection of effectively callback free objects with applications to smart contracts. Proc. ACM Program. Lang. pp. 1–28 (dec 2017). https://doi.org/10.1145/3158136

2017

Cited alongside, same era.

Liu, C., Liu, H., Cao, Z., Chen, Z., Chen, B., Roscoe, B.: ReGuard: Finding reentrancy bugs in smart contracts. In: Proceedings of the 40th International Conference on Software Engineering: Companion Proceeedings. pp. 65–68. ACM (2018). https://doi.org/10.1145/3183440.3183495

2018

Cited alongside, same era.

Qu, M., Huang, X., Chen, X., Wang, Y., Ma, X., Liu, D.: Formal verification of smart contracts from the perspective of concurrency. In: Proc. of the SmartBlock. vol. 11373 LNCS, pp. 32–43. Springer Verlag (2018)

2018

Cited alongside, same era.

Li, X., Su, C., Xiong, Y., Huang, W., Wang, W.: Formal verification of BNB smart contract. In: Proceedings of the BIGCOM. pp. 74–78 (Aug 2019). https://doi.org/10.1109/BIGCOM.2019.00021

2019

Cited alongside, same era.

Coingape: DeFi success story continues as TVL peaks yet again; hits $12 billion. Retrieved November 18, 2020 from https://coinmarketcap.com/ru/headlines/news/defi-success-story-continues-as-tvl-peaks-yet-again-hits-12-billion (2020)

2020