Licensed software
A marketplace for liquid staking tokens
A market for staked tokens and other assets that redeem after a delay, inspired by Lido Finance. It prices the staked token at its redemption rate and charges sellers a fee for skipping the queue, so liquidity providers never sell below redemption value. Idle reserves are lent, and a provider can leave while part of the position is still queued. It runs on our modular pool framework. Paragon Labs owns the software. Valantis licenses it for stHYPE.
Contracted research and development
HOT, a hybrid order-type AMM
Mechanism research and implementation for Arrakis Finance. One pool trades two ways: by signed quote, for solvers, and as an open pool, for anyone. Each signed quote also updates the open pool’s price, and the open pool’s fee rises with the age of that price, which reduces what liquidity providers lose to stale quotes. Regulated market makers have since licensed the infrastructure and used it to power over $800M in transaction volume.
HOT whitepaper (PDF, May 2024) ↗
Research and development
Prime: programmable self-custody on Hyperliquid
An account that makes self-custody on Hyperliquid programmable. The owner keeps custody and grants software named actions across HyperCore and HyperEVM, each with a spending limit, optional checks before and after, and a signing key that expires. It follows from our research on CoreWriter and account permissions.
Research: independent and contracted
Hyperliquid L1 research
Research on the Hyperliquid blockchain: how HyperCore, HyperEVM and CoreWriter interact, fee spend on perpetual markets, and market microstructure. Part of it is self-directed, part contracted.
Independent research
Intent-based trading and MEV
Self-directed research on intent-based trading systems and MEV on Ethereum, carried out alongside CoW Swap and solver teams. The questions are how solvers price and route orders, and where value goes when transactions are ordered.
Collaborative research with Nethermind
Formal verification of EVM contracts
A system that compiles EVM code into Lean, developed with Nethermind, so that properties of a smart contract can be stated and proved.
Early development partner for Starknet, before incorporation
Cairo v0
Before Paragon Labs was incorporated, members of the team were early development partners for Starknet, building on the first version of Cairo. Cairo is the contract language whose programs produce a zk-STARK proof that they ran correctly, which made provable applications practical.