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Sponsored Artificial Intelligence: A Modern Approach, Global Edition Artificial Intelligence: A Modern Approach, Global Edition

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Ruiyan Zhang

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Jul 2026

Incentives and Market Structure in Intent-Based Exchanges: Evidence from a Solver-Reward Reform

Intent-based decentralized exchanges delegate execution to a competitive class of agents -- solvers -- whose behavior is shaped by protocol-designed reward rules. We measure how a change to those rules reshapes who captures value, using a governance-dated natural experiment: CoW Protocol CIP-74 (effective 8 December 20...

Ruiyan Zhang · 0 citations

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