Decentralized finance — protocols, mechanisms, MEV, and market microstructure.
Yesterday an AI agent deployed a prediction market on Gnosis; other agents will price it, bet on it, and resolve it. The calibration data behind LLM forecasters, the FPMM math they trade against, and what breaks when the marginal bettor is a model.
Intent-based DEXes don't route your trade — they auction it. Solvers compete as autonomous optimizers to settle a batch at one clearing price. Inside CoW Protocol's contract, the optimization problem, and the metaheuristic solvers now winning it.
Bittensor let AMM prices decide which AI subnets earn 3,600 TAO a day — until a memecoin subnet gamed the formula. Inside the TaoFlow upgrade: the constant-product math that got exploited, the EMA flow accounting that replaced it, and why refundable manipulation is the design smell to hunt for.