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master's thesis
Zloupotreba brzih zajmova za napade na DeFi ekosustav
Osijek: Josip Juraj Strossmayer University of Osijek, Department of Mathematics, 2022. urn:nbn:hr:126:182923
Bubalo, Ivana
Josip Juraj Strossmayer University of Osijek
Department of Mathematics

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Bubalo, I. (2022). Zloupotreba brzih zajmova za napade na DeFi ekosustav (Master's thesis). Osijek: Josip Juraj Strossmayer University of Osijek, Department of Mathematics. Retrieved from https://urn.nsk.hr/urn:nbn:hr:126:182923

Bubalo, Ivana. "Zloupotreba brzih zajmova za napade na DeFi ekosustav." Master's thesis, Josip Juraj Strossmayer University of Osijek, Department of Mathematics, 2022. https://urn.nsk.hr/urn:nbn:hr:126:182923

Bubalo, Ivana. "Zloupotreba brzih zajmova za napade na DeFi ekosustav." Master's thesis, Josip Juraj Strossmayer University of Osijek, Department of Mathematics, 2022. https://urn.nsk.hr/urn:nbn:hr:126:182923

Bubalo, I. (2022). 'Zloupotreba brzih zajmova za napade na DeFi ekosustav', Master's thesis, Josip Juraj Strossmayer University of Osijek, Department of Mathematics, accessed 25 April 2024, https://urn.nsk.hr/urn:nbn:hr:126:182923

Bubalo I. Zloupotreba brzih zajmova za napade na DeFi ekosustav [Master's thesis]. Osijek: Josip Juraj Strossmayer University of Osijek, Department of Mathematics; 2022 [cited 2024 April 25] Available at: https://urn.nsk.hr/urn:nbn:hr:126:182923

I. Bubalo, "Zloupotreba brzih zajmova za napade na DeFi ekosustav", Master's thesis, Josip Juraj Strossmayer University of Osijek, Department of Mathematics, Osijek, 2022. Available at: https://urn.nsk.hr/urn:nbn:hr:126:182923

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Metadata
TitleZloupotreba brzih zajmova za napade na DeFi ekosustav
Title (english)Misisue of flash loans for attacking the DeFi ecosystem
AuthorIvana Bubalo
MentorNenad Šuvak (mentor)
Committee memberMirta Benšić (predsjednik povjerenstva)
Committee memberNenad Šuvak (član povjerenstva)
Committee memberIvan Papić (član povjerenstva)
GranterJosip Juraj Strossmayer University of Osijek
Department of Mathematics
Osijek
Defense date and country2022-10-25, Croatia
Scientific / art field,
discipline and subdiscipline		NATURAL SCIENCES
Mathematics
Financial and Business Mathematics
Abstract
Kredit omogućuje zajmodavcu da pozajmi višak kapitala zajmoprimcu. U tradicionalnom gospodarstvu kredit nosi rizik da zajmoprimac ne može platiti svoj dug, stoga zajmodavac od zajmoprimca zahtijeva kolateral unaprijed. Zbog atomičnosti blockchain transakcija zajmodavci mogu ponuditi brze zajmove (eng. flash loans), tj. zajmove koji vrijede samo unutar jedne transakcije i moraju se otplatiti do kraja te transakcije. Ovaj koncept doveo je do brojnih zanimljivih mogućnosti napada. Ovaj rad istražuje implikacije atomičnosti transakcija i brzih zajmova za ekosustav decentraliziranih financija (DeFi). Kvantitativno pokazujemo kako atomičnost transakcije povećava prihod od arbitraže. Brzi zajmovi omogućuju svakome trenutni pristup ogromnom kapitalu. Pokazujemo kako to može imati negativne učinke te objašnjavamo dva napada na bZx omogućena brzim zajmovima koji donose ROI iznad 500,000%.
Abstract (english)
Credit allows a lender to loan excess capital to the borrower. In the traditional economy, credit carries the risk that the borrower cannot pay his debt, so the lender requires collateral from the borrower in advance. Due to the atomicity of blockchain transactions, lenders can offer flash loans, i.e. loans that are valid only within a single transaction and must be repaid by the end of that transaction. This concept has led to a number of interesting attack possibilities. This paper explores the implications of transaction atomicity and quick loans for the decentralized finance (DeFi) ecosystem. We quantitatively show how transaction atomicity increases arbitrage revenue. Flash loans give anyone instant access to huge amounts of capital. We show how this can have negative effects and explain two attacks on bZx made possible by flash loans that bring ROI above 500,000%.
Keywords
Keywords (english)
Languagecroatian
URN:NBNurn:nbn:hr:126:182923
Study programmeTitle: Mathematics; specializations in: Financial and Statistical Mathematics, Mathematics and Computer Science, Industrial and Applied Mathematics
Course: Financial and Statistical Mathematics
Study programme type: university
Study level: graduate
Academic / professional title: magistar/magistra matematike (magistar/magistra matematike)
Type of resourceText
File originBorn digital
Access conditionsOpen access
Terms of useLicence In copyright icon
RepositoryRepository of School of Applied Mathematics and Computer Science
Created on2022-10-28 11:03:37