Shtuka Research

We help protocol teams define, calibrate, and maintain their economic model.

Services

• Token design audit
• Parameter tuning
• Risk monitoring

Which service do I need?

• Will our token price reflect the success of our platform? 👉 Token design audit and parameter tuning
• Is it safe to make this protocol change? 👉 Protocol risk management

News

2026-09-15. Research articles and case studies are now published to our blog!

2026-09-09. New research drop: $PUMP buybacks are a waste of money. [X article]

2026-04-03. Our work on enabling stake withdrawals with wait period for Swarm is entering the implementation phase. The proposal includes a design for an onchain scheduler that interleaves withdrawals, deposits, and “shortcut” service commitment alterations such as capacity expansion.

2026-03-06. Over $25M worth of voting weight, or ~51% of all staked LPT, voted on LIP-107, our proposal to recalibrate emissions of Livepeer’s LPT token. The proposal was voted down with 42.8% support, which we believe signals the community’s desire for proposals that belong to a more comprehensive protocol finance strategy.

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!

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.
tane-slides.pdf330.8KB
• Blockspace markets. 0xCAstle (https://0xcastle.xyz), 2024-05-27.
Blockspace_markets.pdf118.1KB

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.

Resources