The Token Engineering Analysis Symposium (TERSE), held throughout EthCC[9] in Cannes, introduced collectively researchers and builders centered on mechanism design, onchain market construction, and decentralized programs.
Alongside TERSE, the Token Engineering Breakout Classes prolonged this work right into a extra utilized setting. Collectively, the 2 occasions created area for one thing that continues to be uncommon within the broader ecosystem: centered, research-driven dialogue grounded in actual programs.
The fashions, assumptions, and design patterns underpinning decentralized programs are nonetheless being examined, refined, and — in settings like TERSE — actively challenged.
TERSE 2026 was co-hosted by Bancor in collaboration with Token Engineering Academy, EthCC, UZH Blockchain Heart, and Token Engineering Labs, with IEEE Blockchain serving as a information companion.
A Discussion board for Analysis, Not Promotion
TERSE was structured as an instructional discussion board.
Displays emphasised:
Clear drawback statementsExplicit assumptionsDefensible methodsHonest remedy of outcomes and limitationsEncourage additional analysis
Throughout arbitrage, staking dynamics, privateness, governance, and lending, a standard construction emerged:
Programs behave in methods that aren’t at all times intuitiveIncentives work together in methods that aren’t at all times linearDesign choices propagate penalties throughout layers
The objective was to not current polished narratives, however to look at concepts — and to take action in a means that invitations scrutiny and dialogue.
https://medium.com/media/cbe06757f1b03286987c72d34fa1736d/href
Speaker Contributions
Every researcher approached decentralized programs from a unique angle — however the work shared a standard focus: understanding how these programs behave below actual circumstances.
The displays have been grounded in deployed environments, constrained by execution, and formed by adversarial realities.
Under are transient introductions from every speaker, together with hyperlinks to their full displays.
Stefan Loesch | Principal, topaze.blue and Guide, Bancor
Making Arbitrage Work
https://medium.com/media/0be14a519b76ac56b4741c87db721530/href
This speak presents a quick algorithm for locating optimum arbitrage throughout many AMMs. By lowering convex optimization to marginal-price root discovering, it achieves as much as 200x speedups and works reliably with concentrated and leveraged liquidity.
Making Arbitrage Work | EthCC[9] Archives
Amit Chaudhary | Founder, Palliora
Stabilizing the Staking Fee, Dynamically Distributed Inflation and Delay Induced Oscillations
https://medium.com/media/4704fc10a5af1cef35e6a7c86826add1/href
This paper investigates how suggestions delays and excessive yield sensitivity trigger staking fee oscillations in PoS protocols. We suggest a “stability hall” mannequin that dampens these cycles to make sure community safety.
Stabilizing the Staking Fee, Dynamically Distributed Inflation and Delay Induced Oscillations | EthCC[9] Archives
Alejandro Ranchel-Pedrosa | Protocol Researcher, Sei
Sedna: How customers can implement inexpensive privateness, censorship-resistance and MEV safety in MCP chains.
https://medium.com/media/f9c49db14878c6317f8ed6befe169d2f/href
Sedna replaces naive transaction replication in multi-proposer blockchains with rateless erasure coding, attaining 2–3x bandwidth effectivity whereas preserving censorship resistance and lowering MEV publicity via until-decode privateness.
Sedna: How customers can implement inexpensive privateness, censorship-resistance and MEV safety in MCP chains | EthCC[9] Archives
Tiago Santana | Lead, Flooring Finance
Major AMMs: Designing Financially Composable Tokens at Issuance
https://medium.com/media/00313174f2ac3b41007628b0cd47392f/href
This talks examins how main AMMs, the place the protocol operates as a steady counterparty, transforms tokens from passive items of account into self-contained monetary programs with the native market construction, backing and capital utility.
Major AMMs: Designing Financially Composable Tokens at Issuance | EthCC[9] Archives
Krzysztof Gogol | DeFi & Digital Belongings
AI as a Curator Layer for DeFi Lending: From Static Guidelines to Adaptive Danger Administration
Decentralized lending nonetheless depends on static interest-rate guidelines. This speak exhibits how AI and reinforcement studying can act as a management layer for DeFi lending, dynamically adjusting charges and threat parameters utilizing onchain knowledge and stress eventualities.
AI as a Curator Layer for DeFi Lending: From Static Guidelines to Adaptive Danger Administration | EthCC[9] Archives
Suhyeon Lee | Visiting Analysis Fellow, Hashed Open Analysis
Financial Safety in Optimistic-Model Challenges
https://medium.com/media/6a8519773d24151a70643a6124e961e5/href
Are challenge-based optimistic protocols really incentive protected? I spotlight failure of single-winner designs, and study eventualities the place partial burn and multi-winner rewards finest align sincere participation with out overreliance on assumptions.
Financial Safety in Optimistic-Model Challenges | EthCC[9] Archives
William George | Analysis Lead, Kleros Cooperative
Voting and Vote Splitting in Crypto-economic Programs
https://medium.com/media/b789811a81b1caff6f01ec93b81a0aab/href
We contemplate how vote splitting between comparable choices manifests itself with refined variations in settings comparable to governance voting DAOs, voting in Schelling-point oracles comparable to Kleros and UMA, and selecting a fork in a consensus algorithm.
Voting and Vote Splitting in Crypto-economic Programs | EthCC[9] Archives
Oghenekaro Elem | Founder, Parametrig
Reputable Overrides in Decentralized Protocols
https://medium.com/media/3b850dae6b9f43bca391980f2c9af411/href
A 5×3 taxonomy and stochastic mannequin for emergency interventions, analyzing 600+ exploits ($10B) to quantify the trade-offs between velocity, scope, and legitimacy in DeFi. We offer a rigorous framework for “Reputable Overrides.”
Reputable Overrides in Decentralized Protocols | EthCC[9] Archives
Mark Ballandies | Senior Researcher, UZH Blockchain Heart
To Incentivize or Not: Influence of Blockchain-Primarily based Cryptoeconomic Tokens on Human Data Sharing
https://medium.com/media/7cbabcf554c704931bb28775d040b815/href
Do tokens actually enhance knowledge sharing? We ran a 132-person experiment on cost and repute tokens. See what will increase helpful, correct, contextual data (and what kills motivation), plus a stunning two-token interplay.
To Incentivize or Not: Influence of Blockchain-Primarily based Cryptoeconomic Tokens on Human Data Sharing | EthCC[9] Archives
TERSE Steering Committee | Angela Kreitenweis, Mark Richardson, Mark Ballandies, Kris Paruch, Robert Koschig
The Price of Entry — A panel dialogue with the TERSE Steering Committee
https://medium.com/media/69281c57fcc6b94f0d3ee80099b9b011/href
What occurs when analysis will get crowded out by hype? This panel explores why blockchain nonetheless wants areas constructed for rigorous concepts, sharp critique, and actual debate, and the way TERSE brings a research-first discussion board into one of many largest crypto occasions.
The Price of Entry | EthCC[9] Archives
The Breakout Classes: Designing in Public
The Token Engineering Breakout Classes prolonged this work right into a extra interactive format.
https://medium.com/media/9333338faf0d2f3828a77e39c0180f16/href
Members labored via actual design issues in small teams, exposing one thing that formal displays typically obscure:assumptions break shortly when confronted with implementation.
Commerce-offs grow to be seen.Edge circumstances floor.Design choices lose abstraction and acquire consequence.
That is the place a lot of the analysis centered — not on what programs ought to do, however on what they really do.
A Self-discipline With no Playbook
Token engineering, as mirrored in TERSE, isn’t but a completely fashioned self-discipline.
There may be:
no unified frameworkno normal methodologyno formal path of coaching
And but, the necessity for one is turning into more and more clear.
TERSE demonstrated that this self-discipline doesn’t emerge via principle alone, however via:
deployed systemsobserved failuresand iterative refinement
TERSE exists to create area for any such work.
Not polished narratives.Not product bulletins.
However:
express assumptionstestable ideasand open critique
Watch the Full Displays
All displays from TERSE can be found under:
Archives | EthCC[9]
Closing
Thanks to everybody who contributed to TERSE — audio system, peer reviewers, members, attendees, and collaborators.
The discussions that befell in Cannes are a part of a broader effort to higher perceive and design the programs that underpin this trade.
That work continues.
From Could 8–10, 2026, on the Ethereum Analysis Symposium (EthReS) at ETHPrague, Bancor Mission Lead Dr. Mark Richardson will current new work on trade design:An Arbitrary Imply-Fee Alternate Protocol and the Imply-of-Derivatives (MoD) framework — a brand new DEX design that inverts bonding curve engineering.
Bancor
Bancor is a pioneer in decentralized finance (DeFi), established in 2016. It invented the core applied sciences underpinning nearly all of right now’s automated market makers (AMMs) and continues to develop the foundational infrastructure vital to DeFi’s success — specializing in enhanced liquidity mechanics and sturdy onchain market operation. All merchandise of Bancor, together with Carbon DeFi and the Arb Quick Lane, are ruled by the Bancor DAO.
Carbon DeFi — Bancor’s flagship DEX, is powered by Bancor’s newest patented applied sciences: Uneven Liquidity and Adjustable Bonding Curves.
The Arb Quick Lane — DeFi’s most superior arbitrage infrastructure powered by Marginal Value Optimization, a brand new technique of optimum routing.
Web site | Weblog | X/Twitter | Analytics | YouTube | Governance
TERSE 2026: The Rising Science of Onchain Programs was initially revealed in Bancor on Medium, the place individuals are persevering with the dialog by highlighting and responding to this story.
