# Best of paradigm.xyz on Kiwi News Page: https://news.kiwistand.com/source/paradigm.xyz 27 stories from paradigm.xyz have been shared on Kiwi News since 5 May 2023, with 71 upvotes and 5 comments in total. The latest was shared on 2 June 2025. They are listed below, most upvoted first. Summaries are AI summaries of the linked article. ## 1. Surviving crypto cycles - Kiwi News: https://news.kiwistand.com/stories/Surviving-crypto-cycles?index=0x65e79229c11ec516e00005d3393ba34002226440bb73618233bb41d0ec66e8edfaa876d4 - Source: https://www.paradigm.xyz/2021/03/surviving-crypto-cycles - Shared 5 March 2024, 8 upvotes, 2 comments Fred Ehrsam, co-founder of Coinbase, writes in a private note to portfolio companies that crypto cycles are natural and that founders should build resilience during euphoric times. He says crypto has exited every past cycle stronger than it entered, citing metrics such as developer activity and corporate adoption. He recommends keeping the core mission, stress-testing for 10-100x usage spikes, and raising cash before a downturn, noting Coinbase fundraised before the 2017 winter and put half of one raise in a separate account. ## 2. The casino on Mars - Kiwi News: https://news.kiwistand.com/stories/The-casino-on-Mars?index=0x650b6cef6f07f9bc4e3f52c9dfd831eb66387fe62cd83521425e307e77323eb7782605dc - Source: https://www.paradigm.xyz/2023/09/casino-on-mars - Shared 20 September 2023, 8 upvotes, 0 comments The article argues that crypto speculation, though often unsavory, is a necessary bootstrapping process for a new system of digital property rights and financial infrastructure. It says speculation drives attention, investment, talent, and infrastructure, and that trading activity is a natural result of people experimenting with newly recorded scarce assets. It cites crypto money's use by ordinary people in Argentina, Turkey, and Ukraine as evidence of its value. The author also notes real risks, including scams, rug pulls, and short-term extraction by sophisticated traders, and says some self-regulation or regulation may be needed. It compares crypto's skepticism to earlier doubts about Apple and the telephone. ## 3. Distribution Markets - Kiwi News: https://news.kiwistand.com/stories/Distribution-Markets?index=0x6758b64564ff65bdc88557c30885487f233c648bda899c2407ae0f4765394d1e637beb7e - Source: https://www.paradigm.xyz/2024/12/distribution-markets - Shared 10 December 2024, 6 upvotes, 0 comments Distribution Markets is a paper proposing a prediction market in which traders bet on full probability distributions over continuous outcomes rather than on yes/no outcomes or preset ranges. The mechanism is a constant function market maker over functions with a constant norm invariant, analogous to Uniswap's xy=k. The author-stated intuition is that, under efficient-market assumptions, traders' aggregate positions become proportional to the true distribution, so the AMM's reserves reveal the market's estimated distribution. The paper notes that restricting to distributions such as the Normal or lognormal makes the math simple enough for efficient onchain implementation. ## 4. How to Raise the Gas Limit, Part 1: State Growth - Kiwi News: https://news.kiwistand.com/stories/How-to-Raise-the-Gas-Limit-Part-1-State-Growth?index=0x65e60503687e0cb9e83ca3e59d1243aecf99c7a87d1bc374fd7213c2d6d1de3182dbe303 - Source: https://www.paradigm.xyz/2024/03/how-to-raise-the-gas-limit-1 - Shared 4 March 2024, 6 upvotes, 0 comments State growth is often assumed to be Ethereum's primary scaling bottleneck, but analysis of high-resolution data concludes that modern consumer hardware can sustain current state growth for at least a decade. Ethereum state currently takes up about 245.5 GiB on disk and grows around 2.62 GiB per month, down from a peak of 5.99 GiB per month. Tokens are the largest contributor, with ERC-20 and ERC-721 occupying 27.2% and 21.6% of state. The piece is part 1 of a four-part series that also covers history growth, state access and the gas limit. ## 5. Multiverse Finance - Kiwi News: https://news.kiwistand.com/stories/Multiverse-Finance?index=0x682247236704f7e324fc51e503c8e49330a57b10347276461e2982a3c2230c9b43eb26f1 - Source: https://www.paradigm.xyz/2025/05/multiverse-finance - Shared 12 May 2025, 4 upvotes, 0 comments Multiverse Finance is a proposed design that splits the financial system into parallel universes, or "verses," each defined by an event such as whether Jerome Powell is fired. Tokens tied to one verse, such as notFiredUSD, can be used as collateral to borrow other assets in the same verse, because all tokens in a verse disappear together when its outcome resolves. The paper describes a simple version that could be built on mainnet by letting conditional tokens for the same outcome be borrowed and lent against each other on an Aave-like protocol. ## 6. Everything Is A Perp - Kiwi News: https://news.kiwistand.com/stories/Everything-Is-A-Perp?index=0x65e94b211be398c39a50503992640d47edc6b88e02d944f6c3db173171ef74f3d4dc9551 - Source: https://www.paradigm.xyz/2024/03/everything-is-a-perp - Shared 7 March 2024, 4 upvotes, 0 comments Power perpetuals are contracts that track an index price raised to a power p, and the article argues that stablecoins, margined futures and constant product AMMs are all types of power perpetuals. It claims crypto-collateralized stablecoins like DAI or RAI are 0-perps, margined futures like dYdX are 1-perps, and Uniswap is a replicating portfolio for a 0.5-perp. Under this framing, a stablecoin with a power of 0 and collateral at 1.5 times debt tracks a price of one dollar. The article also says that the equilibrium Uniswap fee should equal the funding rate of a 0.5 perpetual, which in the simplified zero-rate case equals σ²/8. ## 7. Intent-Based Architectures and Their Risks - Kiwi News: https://news.kiwistand.com/stories/Intent-Based-Architectures-and-Their-Risks?index=0x647999063338a30cf9a2549c3e8141c783984adcb39a1d7384261ef1137669135e742fbd - Source: https://www.paradigm.xyz/2023/06/intents - Shared 2 June 2023, 4 upvotes, 0 comments Intent-based designs on Ethereum, which specify a desired outcome rather than every execution step, could bring UX and efficiency gains but also risk centralising block production and entrenching rent-seeking middlemen. The article says that if intent execution is permissioned and the permissioned set is poorly chosen, migration out of the public mempool threatens to centralise block production. It notes that MEV-Boost remains the dominant block production method, and that a builder controlling a large share of order flow could produce most blocks and open a vector for censorship. The article also warns that reliance on trusted intermediaries raises barriers to entry and could let a single party extract rents. ## 8. 5 Levels of secure hardware - Kiwi News: https://news.kiwistand.com/stories/5-Levels-of-secure-hardware?index=0x677c01994f7d5e4352e80c7f6a9a06b42a40eacf9a4f30cb1a925d307402585a23fb992f - Source: https://www.paradigm.xyz/2024/11/the-5-levels-of-secure-hardware - Shared 6 January 2025, 3 upvotes, 0 comments Paradigm's article argues that programmable cryptography at scale requires secure hardware, and that developers can build many applications on it today while stronger security will need innovation at the hardware layer. It describes five levels of secure hardware, with the authors placing themselves at Level 3, which offers great developer experience, near-native performance and GPU support but no security improvements. Level 4 adds an open manufacturing process, and Level 5 adds heterogeneous open secure hardware connected for redundancy, which the article says would enable reliable global-scale uses such as voting or handling sensitive medical data. ## 9. How to raise the gas limit, Part 2: History growth - Kiwi News: https://news.kiwistand.com/stories/How-to-raise-the-gas-limit-Part-2-History-growth?index=0x663eca576bb37d42c52b04b360461bf280da3ef7f78d6bcf129526cc47bedc700397d9de - Source: https://www.paradigm.xyz/2024/05/how-to-raise-the-gas-limit-2 - Shared 11 May 2024, 3 upvotes, 0 comments Ethereum's history growth is currently the biggest bottleneck for scaling, and the article argues that EIP-4444 almost entirely solves it by limiting nodes to preserving one year of history. History grew at 36.0 GiB per month at its peak and sits at 19.3 GiB per month now, about 6x to 8x faster than state growth. The article estimates that history will reach the roughly 1.8 TiB threshold, where many nodes must upgrade storage drives, within 2 or 3 years, and that raising the gas limit at any amount will accelerate this timeline. ## 10. Demystifying the North Korean threat - Kiwi News: https://news.kiwistand.com/stories/Demystifying-the-North-Korean-threat?index=0x67eb96aa232de758826f3b3bd319f4b889e7deea95b200270dc3f5011fb75fba3a329104 - Source: https://www.paradigm.xyz/2025/03/demystifying-the-north-korean-threat - Shared 1 April 2025, 2 upvotes, 1 comment The article, a threat-intelligence overview of North Korean cyber operations, argues that defenders need a more precise understanding of DPRK threat actors to implement effective mitigations. It explains that the Reconnaissance General Bureau is responsible for nearly all North Korean activity in the cryptocurrency industry, with Lazarus Group as a colloquial umbrella term for much of it. The piece then describes sub-groups including APT38, AppleJeus, Contagious Interview and Wagemole, Dangerous Password, and TraderTraitor, each with distinct tactics such as supply chain attacks, fake interviews, and spearphishing. It also recounts the 2016 Bank of Bangladesh heist and the 2014 Sony Pictures hack as earlier examples of Lazarus Group activity. ## 11. Cartoon guide to Perps - Kiwi News: https://news.kiwistand.com/stories/Cartoon-guide-to-Perps?index=0x65e979855b4ff195a73fe1fe631c9b29642e7a32474459774767adfca9e44ea185720505 - Source: https://www.paradigm.xyz/2021/03/the-cartoon-guide-to-perps - Shared 7 March 2024, 2 upvotes, 1 comment This post explains perpetual swaps ("perps") through four equivalent mental models, arguing they are mathematically identical. It says a perp is natively tied to one exchange, with its mark price, based on exchange trading, tracked against an index price from an external exchange, and that a funding fee paid between longs and shorts pushes the two together. Using an example where bitcoin jumps from $100k to $110k, the author shows a perp can be modeled as a PNL loan, as a loan swap, and as a series of rolling one-day futures, with Sam Bankman-Fried cited as showing the one-day-future scheme. The post also notes that margin and liquidations, backed by an insurance fund, keep the system safe only if liquidations happen quickly and the fund is adequately capitalized. ## 12. Orbital - an automated market maker for pools of 2, 3, or 10,000 stablecoins - Kiwi News: https://news.kiwistand.com/stories/Orbital-an-automated-market-maker-for-pools-of-2-3-or-10000-stablecoins?index=0x683ddb9a9b19dce40d519ac10fc6067887047497a8b0f1912032d14ee9e6e17c22ec93c1 - Source: https://www.paradigm.xyz/2025/06/orbital - Shared 2 June 2025, 2 upvotes, 0 comments Orbital is a proposed automated market maker for pools of two, three, or 10,000 stablecoins, which extends concentrated liquidity beyond the two-asset pools supported by Uniswap V3. The paper states that Orbital draws tick boundaries as orbits around the $1 equal price point, so that even if one stablecoin depegs to 0, an Orbital tick can still trade the others at fair prices. It also says smaller ticks near the equal price point need not hold capital in reserve for a depegging coin, which lets liquidity providers focus capital where normal trading occurs. The paper describes the full AMM as a sphere whose ticks, when consolidated, form a toroid that allows trades to be computed efficiently onchain regardless of the number of coins. ## 13. Ethereum Acceleration - Kiwi News: https://news.kiwistand.com/stories/Ethereum-Acceleration?index=0x67962c3eff59960ac3c5600b1a7ace151630b2b21ad0beca52ffea4602cea9311b71eb78 - Source: https://www.paradigm.xyz/2025/01/ethereum-acceleration-1 - Shared 26 January 2025, 2 upvotes, 0 comments Ethereum's core protocol should be shipping much faster, and the authors argue the community should commit to that pace now, regardless of which long-term direction it takes. They say Ethereum has historically shipped about one change per year, and they call ossification too risky, since it would cede ground to centralized alternatives and abandon the off-chain governance the core development process provides. The post proposes process changes such as giving client teams an input rather than a veto, improving the All Core Devs process, and adding DevOps and testing resources. It also lists low-hanging fruit, including PeerDAS, repricing L1 opcodes, and account abstraction improvements. ## 14. pm-AMM: A Uniform AMM for Prediction Markets - Kiwi News: https://news.kiwistand.com/stories/pm-AMM-A-Uniform-AMM-for-Prediction-Markets?index=0x67320d947460d1b4e8037c3b3c336d2062c316e2e6488d2144ab8a339e7c26e942518f30 - Source: https://www.paradigm.xyz/2024/11/pm-amm - Shared 11 November 2024, 2 upvotes, 0 comments The article introduces the pm-AMM, an automated market maker designed for prediction markets whose outcome tokens resolve to $1 or $0. It argues that existing AMMs fit these tokens poorly, because outcome token volatility depends on the current probability and the time to expiration, and liquidity providers are essentially guaranteed to lose their value at expiry. The static pm-AMM is derived from a Gaussian score dynamics model and is described as a uniform AMM, meaning its loss-vs-rebalancing is proportional to portfolio value regardless of price. The dynamic version reduces liquidity over time so that expected loss stays constant until expiration. ## 15. Reth’s path to 1 gigagas per second, and beyond - Kiwi News: https://news.kiwistand.com/stories/Reths-path-to-1-gigagas-per-second-and-beyond?index=0x662a3ccad10eb8dbf5475a65e8add75ef845332ec59e13fc90a1180ce2eae71d1fe5a1a2 - Source: https://www.paradigm.xyz/2024/04/reth-perf - Shared 25 April 2024, 2 upvotes, 0 comments Reth, an Ethereum execution client built in 2022, sets a short-term goal of 1 gigagas per second in L2 during 2024 and proposes gas per second as a standard performance metric for EVM chains. The article states that Reth currently achieves 100-200 mgas/s during live sync, so reaching the goal requires a roughly 10x improvement. Planned vertical scaling work includes a JIT/AOT compiler for Revm that the article estimates could give about a 2x EVM execution improvement, and parallel EVM execution that could yield up to 5x. Horizontal scaling plans include Multi-Rollup Reth and Cloud-native Reth, and the article invites collaboration, directing interested parties to georgios@paradigm.xyz. ## 16. Reth Alphanet release - Kiwi News: https://news.kiwistand.com/stories/Reth-Alphanet-release?index=0x661d98fee2ce01a1dd7072e34bbccc12860e9788c91978ba797ac2cfcea9101875bfa160 - Source: https://www.paradigm.xyz/2024/04/reth-alphanet - Shared 15 April 2024, 2 upvotes, 0 comments Paradigm has open sourced Reth AlphaNet, an OP Stack-compatible testnet rollup built on the Reth SDK to test Reth performance and experimental Ethereum research, under an Apache/MIT license. The testnet holds no assets of real value, may be reset periodically, and initially includes EIP-3074, EIP-7212 and EIP-2537. The article says it aims to break the 1 gigagas per second barrier, citing benchmarks of 100-200 megagas per second for live sync on alpha.13 and 1-3 gigagas per second for historical sync. The short-term roadmap includes a hosted version on Conduit targeting 50 megagas per second, and the project will launch soon after Reth 1.0, before the end of Q2. ## 17. TradFi Tomorrow: DeFi and the Rise of Extensible Finance - Kiwi News: https://news.kiwistand.com/stories/TradFi-Tomorrow-DeFi-and-the-Rise-of-Extensible-Finance?index=0x67dd26521d58f07d0252850c5206c782b76aacf0e882c42c2806c7ac4e498910d048c611 - Source: https://www.paradigm.xyz/2025/03/tradfi-tomorrow-defi-and-the-rise-of-extensible-finance - Shared 21 March 2025, 1 upvote, 1 comment A survey of 300 TradFi professionals reportedly found near-unanimous agreement that today's financial system is held back by inefficiencies, and this report argues that DeFi is the future TradFi is set to embrace, which requires supportive policies. Over two-thirds of TradFi firms are looking at DeFi, and almost nine in ten are investing in or researching public blockchains. The authors argue that regulators are the biggest near-term obstacle, blocking banks, exchanges and funds from accessing DeFi, and they call for regulators to open access. ## 18. DeFi Perps Deserve a Path Forward in the US: Paradigm Responds to the CFTC’s Per - Kiwi News: https://news.kiwistand.com/stories/DeFi-Perps-Deserve-a-Path-Forward-in-the-US-Paradigm-Responds-to-the-CFTCs-Per?index=0x6837f2462790983a2d2e450812956e1a6fe52a0fccd5d7113c7fee10f6cbe23ef1702193 - Source: https://www.paradigm.xyz/2025/05/defi-perps-deserve-a-path-forward - Shared 29 May 2025, 1 upvote, 0 comments Paradigm has filed a comment letter asking the Commodity Futures Trading Commission to include decentralized finance (DeFi) in any durable framework for trading and clearing perpetual derivatives. The letter notes that perpetuals accounted for 93 percent of all crypto derivatives volume in 2025, and that most of that trading happens on DeFi protocols, which the CFTC's request does not address. Paradigm asks the CFTC to create a Perpetuals Special Advisory Committee and give it 90 days to report on how DeFi perpetuals can operate in a tech-neutral U.S. regime. The letter highlights a public interest exemption, a compliance framework suited to decentralized operators, and a U.S. pathway for retail users. ## 19. Across Prime - Kiwi News: https://news.kiwistand.com/stories/Across-Prime?index=0x681a4888773983dcc5077a27aa77417166f340ad64785ba570472aa2560b42620ad796c0 - Source: https://www.paradigm.xyz/2025/05/across-prime - Shared 6 May 2025, 1 upvote, 0 comments Across Prime is a proposed trustless fast bridge design that replaces the escrowed model used by Across with a bonded model, which the article says is significantly more capital efficient while keeping most of the security and decentralization benefits. In the bonded model, the relayer receives the user's payment on the origin chain immediately, and a security deposit determines the maximum amount the relayer can have in flight at any time. The article's example assumes a $1,000 bond, two-second blocks on both chains, and a one-hour settlement oracle, and it estimates up to $900,000 in hourly bandwidth, which it says makes the bonded model up to 900 times more capital efficient than the escrowed model under those assumptions. ## 20. The Key Neutrality of Baselayer Markets - Kiwi News: https://news.kiwistand.com/stories/The-Key-Neutrality-of-Baselayer-Markets?index=0x68056d6e4b6300ebee32b90778c60065a9505483fc79deca7319943c11426443a8ee42ea - Source: https://www.paradigm.xyz/2025/04/the-key-neutrality-of-baselayer-markets - Shared 20 April 2025, 1 upvote, 0 comments Paradigm argues that MEV is a native, economically rational feature of Ethereum's decentralized architecture, and that regulatory intervention would risk disrupting a still-maturing, self-correcting market structure. The paper contends that the market is already addressing negative externalities through technical innovation, such as the MEV-Boost proposer-builder separation pipeline. It also argues that MEV activity alone does not meet the legal elements of securities fraud, insider trading, or best execution violations under U.S. law, and it urges the SEC to take a tech-neutral approach. ## 21. Announcing Paradigm's Third Fund - Kiwi News: https://news.kiwistand.com/stories/Announcing-Paradigms-Third-Fund?index=0x666b805c8b9bc95818a981fe92adbf3fa376e7ce45b097e0eb7918653f8f7953f9f45ce0 - Source: https://www.paradigm.xyz/2024/06/paradigms-third-fund - Shared 13 June 2024, 1 upvote, 0 comments Paradigm has raised its third fund, an $850M venture fund focused on crypto projects at the earliest stages. The firm, founded in 2018, says its belief that crypto will be one of the most important technical and economic shifts of the coming decades has only strengthened over six years. It cites Uniswap's use of AMMs for decentralized exchange, Optimism's blockchain scaling model, and Flashbots' definition of MEV as early work it has backed. Paradigm also says it has launched open source projects including Foundry and Reth, and plans to focus more on early-stage work and dedicate significant effort to such projects. ## 22. Priority is all you need - Kiwi News: https://news.kiwistand.com/stories/Priority-is-all-you-need?index=0x66601f359fb6913d99c70cc139ffd798292dff096d2c2e4214e2925055d46e8eae62132d - Source: https://www.paradigm.xyz/2024/06/priority-is-all-you-need - Shared 5 June 2024, 1 upvote, 0 comments The article introduces MEV taxes, a mechanism that lets an application capture its own MEV by charging a fee that is a function of a transaction's priority fee. It says this could work today on OP Stack L2s such as OP Mainnet, Base and Blast, whose block proposers follow competitive priority ordering, and gives an example in which a tax of $99 for every $1 of priority fee captures 99% of the competitive MEV. The authors note that MEV taxes only work if block proposers strictly follow those ordering rules, so they currently depend on trusting L2 sequencers. The article also sketches uses for DEX routers such as UniswapX, AMMs, and wallets. ## 23. Fig: Frame Interface Guidelines - Kiwi News: https://news.kiwistand.com/stories/Fig-Frame-Interface-Guidelines?index=0x66341813bef1c64dda5462e370fd672bfd556d299d32f0f1a27030fc463d92e549ad778d - Source: https://www.paradigm.xyz/2024/05/fig - Shared 2 May 2024, 1 upvote, 0 comments Paradigm has open sourced Frame Interface Guidelines (Fig), a set of best practices for building Farcaster Frames, inspired by Apple's Human Interface Guidelines. The article says Frames lacked clear guidelines on what makes a frame experience succeed or fail, and that the current landscape lacks consistency, creating user confusion and a steep learning curve. Fig covers layout, typography, user interactions and accessibility, and is available in a repository README and a Figma Community file. It works with Frog, the framework announced earlier in collaboration with Wevm, and with FrogUI, a Wevm-built extension that provides styling primitives and built-in system tokens aligned with Fig. ## 24. Frog, Framework for Farcaster Frames - Kiwi News: https://news.kiwistand.com/stories/Frog-Framework-for-Farcaster-Frames?index=0x65df6cc32e91cf875941f46f39ae0b4067ac2cc28e39c05804b079cf415f98cf5405b096 - Source: https://www.paradigm.xyz/2024/02/frames - Shared 28 February 2024, 1 upvote, 0 comments ## 25. Token compensation: a brief explainer for job candidates - Kiwi News: https://news.kiwistand.com/stories/Token-compensation-a-brief-explainer-for-job-candidates?index=0x65a10e2a4eb00e1df454867281e270e5268f2574b7e5ce6841e581ede146b816a7934aaf - Source: https://www.paradigm.xyz/2022/03/token-compensation-a-brief-explainer-for-job-candidates - Shared 12 January 2024, 1 upvote, 0 comments Token compensation in Web3 companies differs from traditional equity, and job candidates should understand its structure before comparing offers. Tokens can resemble equity in appreciating significantly and becoming liquid sooner, but the article states they are not equity by another name. Pre-launch token grants carry no tax on receipt but are likely taxed on exercise like non-qualified stock options, while post-launch grants are taxed immediately upon receipt, and the article suggests considering an 83(b) election if they vest. Vesting risks forfeiture, whereas lock-ups only restrict transfers, and the article advises consulting a tax advisor or attorney. ## 26. Introducing Alloy: Fast, battle-tested and well-documented software for ETH - Kiwi News: https://news.kiwistand.com/stories/Introducing-Alloy-Fast-battle-tested-and-well-documented-software-for-ETH?index=0x64961a81353e13fa6629e56ab230f80660b54474b93aab5f9d4b4c77d60d8ce8b36df6c0 - Source: https://www.paradigm.xyz/2023/06/alloy - Shared 23 June 2023, 1 upvote, 0 comments Alloy is a rebranded and rewritten successor to ethers-rs, the Rust Ethereum library, announced by its authors gakonst (Georgios Konstantopoulos) and prestwich (James Prestwich). The project moves to a new GitHub organization, alloy-rs, with alloy-rs/core providing shared types such as primitives, RLP, RPC types, a Solidity parser, and static ABI coding. The authors say the migration away from Parity types will take place over the next 6 months, while ethers-rs stays available in maintenance mode for v2, and they encourage developers to try alloy in low-level projects. ## 27. Blend: Perpetual Lending with NFT Collateral - Kiwi News: https://news.kiwistand.com/stories/Blend-Perpetual-Lending-with-NFT-Collateral?index=0x645516463fd363f9eabdde2e0f36107ec51321f6ffec3ba681be9be84ac9d9c2af96af7e - Source: https://www.paradigm.xyz/2023/05/blend - Shared 5 May 2023, 1 upvote, 0 comments Blend is a peer-to-peer perpetual lending protocol that supports arbitrary collateral, including NFTs, with no oracle dependencies and no expiries, and with interest rates set by the market. Loans stay open until repaid or liquidated, and a lender who wants out triggers a Dutch auction to find a new lender at a new rate. If no new lender accepts at any rate up to a defined maximum, such as 1000%, the borrower is liquidated and the lender takes the collateral. Blur Core Contributors implemented the protocol, and after a 180-day waiting period, BLUR governance can manage parameters such as fees, the maximum interest rate and the auction formula.