Charlie Noyes is a General Partner at Paradigm. Previously, Charlie was a member of the investment team at Pantera Capital. He began working on crypto research in high school and attended MIT for one year (incomplete).

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Charlie Noyes

General Partner

Guru Vamsi Policharla

MEV-Boost, the current sidecar protocol for MEV extraction in Ethereum, relies heavily on centralized actors called relays.

Using a novel form of silent threshold encryption, a non-interactive construction that can leverage validators' existing BLS keypairs, we propose an alternative architecture that allows builders and proposers to communicate directly, with purely cryptographic privacy assumptions.



How to Remove the Relay

Georgios Konstantopoulos

General Partner & CTO

Doug Feagin

Partner, Investing & Research

We’re launching the 2024 Paradigm Fellowship, a program to gather crypto’s most formidable young engineers and researchers.


Paradigm Fellowship 2024

 The Open Problems of Onchain Games

Dan Robinson

On Ethereum, all applications run on a shared state machine. In Cosmos, many application-specific blockchains pass assets and other messages between one another. If Ethereum is a mainframe computer, Cosmos is a protocol for networking independent servers.

A Cosmos Thesis

Ethereum’s core insight was that flexible smart contracts allow developers to explore a new frontier of permissionless applications. The explosive growth of decentralized financial protocols built on Ethereum (“DeFi”) is a glimpse at what this innovation could enable in the future.

Like programming libraries in the first Internet revolution, DeFi’s “money legos” enable developers to build complex systems by composing and remixing simple building blocks. This complexity also brings novel risks. One of these risks is Miner Extractable Value, or MEV.

MEV and me

About a month ago, we finally got around to publishing a truly wicked problem that had been plaguing my partner Dan Robinson and I for nearly two years. It was a Hail Mary pass; mostly, we hoped it would encourage whoever ended up cracking it to give us some closure, maybe years down the road.

Paradigm's Open Problems: A Series

Dave White

Research Partner

Martin Tassy

An investigation into the nature of constant product markets.

Uniswap's Financial Alchemy

Guillermo Angeris, Hsien-Tang Kao, Rei Chiang, Tarun Chitra

Uniswap — and other constant product markets — appear to work well in practice despite their simplicity. In this paper, we give a simple formal analysis of constant product markets and their generalizations, showing that, under some common conditions, these markets must closely track the reference market price.