I-Corps: Technical Framework for Testing, Simulating, and Designing Stable Assets

这一i-Corps项目的更广泛影响/商业潜力是增强了设计稳定资产和货币的能力，特别是在加密货币“稳定货币”领域。该项目开发了测试和设计技术，允许以科学的方法设计新的稳定投资，并为分散金融中的代理人提供工具，以做出关于风险和投资的知情决定。这两种方法都有助于加强稳定货币的长期稳定性，这可以为稳健的分散金融体系奠定基础，并促进在经济上采用加密货币。测试和设计技术可供这些市场的稳定投资公司和投资者(如对冲基金)使用。对于前者，该技术对于执行验证和做出明智的设计选择是有用的。在后者中，该技术可用于提供交易和价值指标，并衡量不同职位的风险。这个i-Corps项目开发了一个了解稳定资产的框架，提供了分散金融领域所缺少的测试、模拟和设计能力。这就需要新的金融模型，涉及多时期系统中匿名代理人之间的各种算法合同，该系统需要在没有中央银行的情况下采取经常性行动。除了这些解释实际稳定运动的模型外，没有任何现有的模型适用于这种设置。这一框架涉及基于这些模型的大量市场设计。市场设计是经济学和计算机科学交叉的一个新领域；它研究如何设计市场才能很好地运作。稳定登录协议的复杂性为这项研究提供了一个重要的计算机科学组成部分。这些模型使市场能够模拟和理解不同协议设计产生的市场动态，从而改进了如何设计更好的稳定性的学习。该奖项反映了NSF的法定使命，并通过使用基金会的智力优势和更广泛的影响审查标准进行评估，被认为值得支持。

The broader impact/commercial potential of this I-Corps project is enhanced ability to design stable assets and currencies, particularly in the cryptocurrency `stablecoin' space. This project develops testing and design technology that allows a scientific approach to designing new stablecoins and provides tools for agents in decentralized finance to make informed decisions about risk and investment. Both serve to enhance the long-term stability of stablecoins, which could form the basis for a robust decentralized financial system and facilitate economic adoption of cryptocurrencies. The testing and design technology can be used by stablecoin companies and investors in these markets (such as hedge funds). For the former, the technology is useful to perform validation and to make informed design choices. In the latter, the technology can be used to provide trading and value indicators and to measure the risks in different positions.This I-Corps project develops a framework for understanding stable assets that provides the testing, simulation, and design capabilities missing in the decentralized finance space. This requires new financial models involving various algorithmic contracts between anonymous agents in a multi-period system that requires recurring actions without a central bank. Aside from these models, which explain actual stablecoin movements, no existing models apply to this setting. This framework involves substantial market design based on these models. Market design is a new field at the intersection of economics and computer science; it studies how markets can be designed to work well. The complexity of stablecoin protocols presents a substantial computer science component to the research. The models enable market simulation and understanding of market dynamics arising from different protocol design, which allows improved learning in how to design better stablecoins.This award reflects NSF's statutory mission and has been deemed worthy of support through evaluation using the Foundation's intellectual merit and broader impacts review criteria.