Shtuka Research is a quantitative consultancy focused on decentralised systems, market design, and [un]cloud economies.
News
2025-12-05. We have published our six month retrospective of the "Swarmonomics" Shtuka ✗ Swarm partnership. [Blog post]
2025-11-27. Andrew gave a presentation / engaged in debate on the Swarm Community Call laying out an opinionated vision for the future of Swarm’s economic design. [X link]
2025-10-27. Shtuka Research will aid Livepeer Foundation in developing a risk framework and parameter adjustment proposal to combat runaway token emissions. [Forum post]
2025-10-08. We published a study on mapping out the Livepeer ecosystem’s data landscape and identifying “gaps” and potential opportunities for improvement. [Forum post]
2025-08-12. We presented a sketch for a novel self-custodial model for Swarm’s stake registry contract, aimed at smoothing the upgrade path for Swarm’s revenue sharing mechanism and separating it from that of account management functionality. Slides here:
2025-07-01. Our partnership & research programme Swarmonomics has been officially announced! Blog post here. Monthly research updates will shared in the #Research channel of the EthSwarm Discord.
2025-06-25. Shtuka Research has been elected to set on the Markets Advisory Board of the newly minted Livepeer Foundation. We’ll be supporting them on strengthening their data services, tokenomics, and internal market design.
2025-01-10. The full report on our 4 month study on the economic efficiency of the Swarm Network’s revenue sharing mechanism is now published on GitHub!
Our work
Services
- Advisory
- Data analytics
- “Big R” Research
Focus areas
- Market design
- Incentive mechanism design
- Tokenomics
- Financial engineering
Research
Topics:
- Dynamic auctions
- Congestible resources
- AMM design and dynamics
- Staking and collateral systems
- Issuance, liquidity
Blockspace
Shtuka Research’s credibly* neutral preconfirmations page
Writings
- Swarm Protocol: Incentives and revenue sharing analysis. https://github.com/shtukaresearch/swarm-staking/releases Commissioned by Swarm Foundation.
- Beyond spot transactions: modelling dynamic preconfirmation auctions.https://mirror.xyz/preconf.eth/iPfGsj55-C-D13hyrj_hj2tHAKU7xzeqltZ6gIum3j4 Commissioned by Primev.
- Do backrun auctions protect traders?https://arxiv.org/abs/2401.08302 Funded by Flashbots Research Programme. https://github.com/flashbots/mev-research/blob/main/FRPs/completed/FRP-34.md
- Feedlot: trading with safe, low-latency price oracles. https://github.com/mohammed7s/Feedlot/blob/main/report/build/report.pdf Funded by COW DAO. https://forum.cow.fi/t/grant-proposal-surplus-capturing-amm-study/1357
- Adversarial blockchain queues and trading on a CFMM.https://arxiv.org/abs/2302.01663 Funded by Flashbots Research Programme. https://github.com/flashbots/mev-research/blob/main/FRPs/completed/FRP-22.md
Talks
- How to make a blockspace futures market on Ethereum. Tané Summit, 2024-07-29.
- Blockspace markets. 0xCAstle (https://0xcastle.xyz), 2024-05-27.
Uncloud
Uncloud is a trend in technology and market macrostructure that’s precipitating the disintegration and “nucleation” of old monopolies in favour of funded open source communities that support a scalable, diverse, and dynamic ecosystem.
We research and develop Unclouded technologies.
- Research questions on decentralized container registries. https://hackmd.io/AKwMglsMRAC5WnLInEKGuA
DeBoot Project
Boot machines into images loaded from decentralized storage. Funded by Swarm Foundation grants programme. DeBoot is an Unclouded approach to booting.
Who we are
We bring to our work over three decades of experience in mathematics, computer hardware, and cryptography research, both in world-class academic research institutions and at R&D firms at the cutting edge of secure computing.
Contact
If you found your way here, you know how to find us.