Daily Papers

Multi-agent large language model (LLM) debate is often evaluated by whether final answers improve, but movement is not necessarily improvement: the same discussion can rescue an initially wrong majority or destroy an initially correct one. Standard final-accuracy evaluations conflate these opposing mechanisms. We introduce an auditable protocol for homogeneous debate on multiple-choice questions (MCQs) that records each run as a transition ledger over collapse, correction, onset, and signed intervention utility. On 6,925 MMLU-Pro debates, the protocol identifies 253 collapses and a parallel correction ledger that changes how interventions should be judged. Replay experiments reveal the central tradeoff: a leave-one-model-out probe-gated freeze prevents 29 collapses but loses 108 corrections under equal weights, so collapse prevention alone can recommend the wrong policy. A compact pre-debate 8-probe screen is a triage signal: its unadjusted family-level association with conditional-collapse risk is high (G=7, Spearman rho=0.893, exact two-sided p=0.0123), but initial-majority accuracy is a close comparator (rho=0.821; family partial rho=0.767, p=0.0877), so we do not treat it as calibrated or capability-adjusted prediction. Round-level traces localize many collapses to the first debate round, where early disagreement can precede both harmful cascades and useful recovery. We release replayable schemas, coders, audits, cost cards, and zero-API rebuild scripts so future model-scaffold rows can be compared under the same denominators and signed utility ledger.

Policy-adherent tool-calling agents in customer-service domains must maintain task states across turns while calling tools and obeying domain policies. Task states consist of relevant facts, identifiers, constraints, and conditions observed through user interaction and tool calls. In standard agents, task states are not represented separately. Observations, tool returns, and policy instructions are placed in the prompt, leaving agents to reconstruct the relevant states from the prompt each time they decide what to do next. This design makes state management implicit, creating two common failure modes. An agent may retrieve the right facts but later ground its decision in stale, missing, or incorrect information; and a syntactically valid tool call may still violate a domain policy that depends on the current task state. We introduce LedgerAgent, an inference-time method for tool-calling agents that maintains observed task states in a separate ledger and renders the states into the prompt. The ledger is also used to check state-dependent policy constraints before environment-changing tool calls are executed, blocking policy violations. Across four customer-service domains and a mixed panel of open- and closed-weight models, LedgerAgent improves average passk over a standard prompt-based tool-calling approach, with the largest gains under stricter multi-trial consistency metrics.

As Distributed Ledger Technologies (DLTs) rapidly evolve, their impacts extend beyond technology, influencing environmental and societal aspects. This evolution has increased publications, making manual literature analysis increasingly challenging. We address this with a Natural Language Processing (NLP)-based systematic literature review method to explore the intersection of Distributed Ledger Technology (DLT) with its Environmental, Social, and Governance (ESG) aspects. Our approach involves building and refining a directed citation network from 107 seed papers to a corpus of 24,539 publications and fine-tuning a transformer-based language model for Named Entity Recognition (NER) on DLT and ESG domains. Applying this model, we distilled the corpus to 505 key publications, enabling an inaugural literature review and temporal graph analysis of DLT's evolution in ESG contexts. Our contributions include an adaptable and scalable NLP-driven systematic literature review methodology and a unique NER dataset of 54,808 entities, tailored for DLT and ESG research. Our inaugural literature review demonstrates their applicability and effectiveness in analyzing DLT's evolution and impacts, proving invaluable for stakeholders in the DLT domain.

This paper addresses a long-standing problem in the field of accounting: mapping company-specific ledger accounts to a standardized chart of accounts. We propose a novel solution, TopoLedgerBERT, a unique sentence embedding method devised specifically for ledger account mapping. This model integrates hierarchical information from the charts of accounts into the sentence embedding process, aiming to accurately capture both the semantic similarity and the hierarchical structure of the ledger accounts. In addition, we introduce a data augmentation strategy that enriches the training data and, as a result, increases the performance of our proposed model. Compared to benchmark methods, TopoLedgerBERT demonstrates superior performance in terms of accuracy and mean reciprocal rank.

A software agent on a public blockchain accumulates authority and economic stakes, raising the engineering question of what makes it count as an individual. The paper's central contribution is a shift of trust root for the key-to-weights binding of agent identity: from hardware, operator, or wrapper trust to cryptographic assumptions enforced by a pinned implementation (liveness, key custody, oracle trust, and the underlying software stack remain external). We design and deploy on Solana devnet an agent whose neural-network weights are a deterministic function of its private key. The binding is committed in zero knowledge at genesis, re-checked against that commitment at every state transition, and signed by the agent into an on-chain history unforkable once finalized; in a PoC-tier extension, a protocol-imposed metabolic cost is debited each cycle from a key-derived economic account, adding a consumption-side economic-viability constraint to the key-history-economy triple. Empirically, the agent completes a 2.36-day on-chain run with two host-side resumptions but no rejected transition, at bounded per-transition verification cost; a substituted substrate is rejected on chain, and independently keyed agents diverge as predicted while a same-key control stays at zero. To our knowledge, this is the first published on-chain agent whose identity primitive is itself a cryptographic invariant re-checked at every state transition. The resulting transition-time invariant instantiates the cryptographic individuality proposed by Suzuki 2026's Artificial Externality framework.

Quantifying the similarity between a group of companies has proven to be useful for several purposes, including company benchmarking, fraud detection, and searching for investment opportunities. This exercise can be done using a variety of data sources, such as company activity data and financial data. However, ledger account data is widely available and is standardized to a large extent. Such ledger accounts within a financial statement can be represented by means of a tree, i.e. a special type of graph, representing both the values of the ledger accounts and the relationships between them. Given their broad availability and rich information content, financial statements form a prime data source based on which company similarities or distances could be computed. In this paper, we present a graph distance metric that enables one to compute the similarity between the financial statements of two companies. We conduct a comprehensive experimental study using real-world financial data to demonstrate the usefulness of our proposed distance metric. The experimental results show promising results on a number of use cases. This method may be useful for investors looking for investment opportunities, government officials attempting to identify fraudulent companies, and accountants looking to benchmark a group of companies based on their financial statements.

Quantum devices capable of breaking the public-key cryptosystems that Bitcoin relies on to secure its transactions are expected with reasonable probability within a decade. Quantum attacks would put at risk the entire Bitcoin network, which has an estimated value of around 500 billion USD. To prevent this threat, a proactive approach is critical. The only known way to prevent any such attack is to upgrade the currently used public-key cryptosystems, namely ECDSA, with so-called post-quantum cryptosystems which have no known vulnerabilities to quantum attacks. In this paper, we analyse the technical cost of such an upgrade. We calculate a non-tight lower bound on the cumulative downtime required for the above transition to be 1827.96 hours, or 76.16 days. We also demonstrate that the transition needs to be fully completed before the availability of ECDSA-256 breaking quantum devices, in order to ensure Bitcoin's ongoing security. The conclusion is that the Bitcoin upgrade to quantum-safe protocols needs to be started as soon as possible in order to guarantee its ongoing operations.

Blockchain forensics is adversarial and open-ended: money launderers split, swap, and bridge funds, cut their trail at mixers or custodial services, and change tactics from one incident to the next. Investigators must keep adapting their tracing in response. Yet the immutability of public ledgers preserves every recorded movement in public view, making much of the investigation independently verifiable. We introduce ABF-Bench, an interactive benchmark that makes evidence-backed fund tracing a verifiable agent task, in which every claimed movement must cite ledger records the agent retrieved. A case-to-task pipeline builds well-posed tasks across ledgers: conservative rules halt tracing wherever the records leave a continuation unresolved, and each task's reference graph is the answer those rules determine. Built from real laundering activity, the tasks combine multi-hop transfers, DeFi exchanges, cross-chain round trips, custodial and mixer deposits, and address poisoning. We also propose the ABF agent harness, built around a working memory, and evaluate it alongside general-purpose agents and fixed-order tracers. The harness reaches 75% edge recall, against 47% for Codex with the same model and 10% for Claude Code, which loses recall to overconfidence: it cites records it left unretrieved. Compared with fixed-order tracers, the harness acquires evidence faster than the best of them early in the budget and recognizes undisclosed custodial services that they walk past (89% vs. 0%), with 98% fidelity. However, agents tend to stop early and lose recall on larger tasks, which holds their final recall below the best tracer. Beyond exposing these gaps, ABF-Bench opens blockchain forensics to LLM agents as a verifiable domain, where the verdicts that score agents also offer potential training signals.

On-chain transfer volume is often used to describe activity in tokenized real-world assets (RWAs), although recorded transfers may reflect very different economic functions, including token creation, destruction, issuer-related operations, and movements between other addresses. Ownership measures face a similar problem because a large address balance may belong to a pool or intermediary that represents multiple investors. We address these two measurement problems by decomposing transfer activity and making ownership coverage explicit. Transfer turnover is calculated before and after observable event categories are separated, using the same asset, observation window, and supply denominator. For ownership, we compare concentration measured against total supply with concentration among the addresses that remain after identified intermediaries are excluded. Using Ethereum-based tokenized funds from December 2025 to August 2026, we find that transfer classification can materially change measured turnover. We also show that removing an intermediary can lower concentration when measured against total supply while concentration among the remaining addresses increases. Transfer activity and address concentration need to be interpreted with their underlying transaction functions and ownership coverage in mind. These measures provide evidence about liquidity-related activity, but they do not directly measure market liquidity. The code and data used in the analysis are available at https://github.com/atytmr07/rwa-liquidity.

In the rapidly evolving domain of distributed ledger technology, scalability and interoperability have become paramount challenges for both academic and industry sectors. In this paper, we introduce a comprehensive formal model to address atomic composability across multiple rollups on Ethereum. The proposed model incorporates mechanisms like buffering, dependency management, concurrency control, and the groundbreaking zero-knowledge proofs. Moreover, we evaluate its practical repercussions, strengths, and weaknesses, ensuring resilience against manipulative or erroneous actions. The application of the proposed model to shared sequencers and other existing solutions accentuates its versatility and universality.

Fiat-pegged stablecoins are by nature exposed to spillover effects during market turmoil in Traditional Finance (TradFi). We observe a difference in TradFi market shocks impact between various stablecoins, in particular, USD Coin (USDC) and Tether USDT (USDT), the former with a higher reporting frequency and transparency than the latter. We investigate this, using top USDC and USDT liquidity pools in Uniswap, by adapting the Marginal Cost of Immediacy (MCI) measure to Uniswap's Automated Market Maker, and then conducting Difference-in-Differences analysis on MCI and Total Value Locked (TVL) in USD, as well as measuring liquidity concentration across different providers. Results show that the Silicon Valley Bank (SVB) event reduced USDC's TVL dominance over USDT, increased USDT's liquidity cost relative to USDC, and liquidity provision remained concentrated with pool-specific trends. These findings reveal a flight-to-safety behavior and counterintuitive effects of stablecoin transparency: USDC's frequent and detailed disclosures led to swift market reactions, while USDT's opacity and less frequent reporting provided a safety net against immediate impacts.

We have entered an era where the importance of decentralized solutions has become more obvious. Blockchain technology and its derivatives are distributed ledger technologies that keep the registry of data between peers of a network. This ledger is secured within a successive over looping cryptographic chain. The accomplishment of the Bitcoin cryptocurrency proved that blockchain technology and its derivatives could be used to eliminate intermediaries and provide security for cyberspace. However, there are some challenges in the implementation of blockchain technology. This chapter first explains the concept of blockchain technology and the data that we can store therein. The main advantage of blockchain is the security services that it provides. This section continues by describing these services.. The challenges of blockchain; blockchain anomalies, energy consumption, speed, scalability, interoperability, privacy and cryptology in the age of quantum computing are described. Selected solutions for these challenges are given. Remarkable derivatives of blockchain, which use different solutions (directed acyclic graph, distributed hash table, gossip consensus protocol) to solve some of these challenges are described. Then the data storage in blockchain and evolving data solutions are explained. The comparison of decentralized solutions with the lcentralized database systems is given. A multi-platform interoperable scalable architecture (MPISA) is proposed. In the conclusion we include the evolution assumptions of data storage in a decentralized world.

Blockchain, a decentralized technology that provides unrivaled security, transparency, and process validation, is redefining the operational landscape across numerous industries. This article focuses on the development of an innovative consortium blockchain based financial distribution application. This paper illuminates the transformative role of blockchain technology in a variety of sectors by drawing on a plethora of academic literature and current industry practices. It demonstrates the diverse applications of blockchain, ranging from remittances to lending and investments in finance to data administration in healthcare and supply chain tracking. The paper reveals the design and potential of a consortium blockchain based application for financial distribution. Utilizing the capabilities of Hyperledger Besu, the application is tailored to improve security, scalability, and interoperability, thereby contributing to a more integrated financial ecosystem. The investigation sheds light on the combination of consortium blockchain controlled access and Hyprledger Besu comprehensive functionality, proposing a secure, transparent, and efficient financial transaction environment. The investigation serves as a resource for academics, industry professionals, and policymakers alike, highlighting the vast potential of blockchain technology, enabled by platforms such as Hyperledger Besu, in accelerating the evolution of traditional systems toward a more decentralized, secure, and efficient future.

In quantitative finance, machine learning methods are essential for alpha generation. This study introduces a new approach that combines Hidden Markov Models (HMM) and neural networks, integrated with Black-Litterman portfolio optimization. During the COVID period (2019-2022), this dual-model approach achieved a 83% return with a Sharpe ratio of 0.77. It incorporates two risk models to enhance risk management, showing efficiency during volatile periods. The methodology was implemented on the QuantConnect platform, which was chosen for its robust framework and experimental reproducibility. The system, which predicts future price movements, includes a three-year warm-up to ensure proper algorithm function. It targets highly liquid, large-cap energy stocks to ensure stable and predictable performance while also considering broker payments. The dual-model alpha system utilizes log returns to select the optimal state based on the historical performance. It combines state predictions with neural network outputs, which are based on historical data, to generate trading signals. This study examined the architecture of the trading system, data pre-processing, training, and performance. The full code and backtesting data are available under the QuantConnect terms.

A diversified risk-adjusted time-series momentum (TSMOM) portfolio can deliver substantial abnormal returns and offer some degree of tail risk protection during extreme market events. The performance of existing TSMOM strategies, however, relies not only on the quality of the momentum signal but also on the efficacy of the volatility estimator. Yet many of the existing studies have always considered these two factors to be independent. Inspired by recent progress in Multi-Task Learning (MTL), we present a new approach using MTL in a deep neural network architecture that jointly learns portfolio construction and various auxiliary tasks related to volatility, such as forecasting realized volatility as measured by different volatility estimators. Through backtesting from January 2000 to December 2020 on a diversified portfolio of continuous futures contracts, we demonstrate that even after accounting for transaction costs of up to 3 basis points, our approach outperforms existing TSMOM strategies. Moreover, experiments confirm that adding auxiliary tasks indeed boosts the portfolio's performance. These findings demonstrate that MTL can be a powerful tool in finance.

Reinforcement learning (RL) post-training for large language models (LLMs) coordinates multiple models across generation, inference, and training on GPU clusters. Several factors may change during a run, including resource availability, sequence length, memory pressure, and stage bottlenecks. As a consequence, an execution plan that was initially suitable can then become slow or even infeasible over time. However, adapting a job whose models share GPUs entails significant challenges: deciding whether a new plan is worth the transition cost, reusing the job's distributed state, and coordinating GPU transfers across models and stages. Nereus targets these challenges as a cost-aware runtime that adapts RL post-training jobs into efficient execution plans. Its low-overhead controller selects a memory-feasible global plan and admits the transition using a cost model calibrated against the running job. To estimate and execute a transition, Nereus represents the distributed state of each replica of a model-stage (one model in one stage) as an Elastic Model Unit. It then employs a global transition graph to order the transformations and GPU transfers of these units. In a trace built from real data, online TP/PP adaptation reduces average step latency by 27.7% relative to the initial fixed TP/PP layout with DP scaling. In a 1,000-step run reaching 1,024 GPUs, six transitions consume 0.079% of total run time. Nereus improves end-to-end 8B PPO throughput by 2.14--7.27times over OpenRLHF and by 1.10--1.47times over Verl across diverse clusters.

Smart-contract vulnerabilities often arise from inconsistencies between business paths that should correspond to one another, such as single and batch entry points, direct and adapter-based flows, quote and execution paths, or inverse operations such as buy and sell. Existing analyzers are effective for many local syntactic and data-flow patterns, but they provide limited support for bugs whose oracle is relational: whether two semantically paired paths preserve compatible guards, state transitions, value flows, and failure behavior. This paper introduces chiral analysis, a relational model that treats paired business paths as implicit specifications for each other. We formalize chiral relations as static analogues of metamorphic relations, derive obligations over guards, actors, state, value, ordering, failure behavior, and external interactions, and report a vulnerability when a violated obligation has security impact. We implement this idea in ChiralDetector, a Solidity prototype that extracts business paths, ranks candidate pairs with static facts, applies LLM-based semantic filtering and detection, and validates and deduplicates findings. In a preliminary evaluation on the Phi protocol, ChiralDetector reduced 3,217 statically ranked path pairs to 1,643 semantic candidates, produced 101 deduplicated finding groups, and retained 44 strict-validator positives that manually collapsed to 13 effective unique issues. These include cross-art Merkle proof reuse, fee unit mismatches, public state-tracking helpers, and refund propagation gaps. The results suggest that chiral analysis can expose business-logic bug classes that are difficult to express as single-function rules while providing a structured way to control LLM cost and validator precision.

We introduce DLT-Corpus, the largest domain-specific text collection for Distributed Ledger Technology (DLT) research to date: 2.98 billion tokens from 22.12 million documents spanning scientific literature (37,440 publications), United States Patent and Trademark Office (USPTO) patents (49,023 filings), and social media (22 million posts). Existing Natural Language Processing (NLP) resources for DLT focus narrowly on cryptocurrencies price prediction and smart contracts, leaving domain-specific language under explored despite the sector's ~$3 trillion market capitalization and rapid technological evolution. We demonstrate DLT-Corpus' utility by analyzing technology emergence patterns and market-innovation correlations. Findings reveal that technologies originate in scientific literature before reaching patents and social media, following traditional technology transfer patterns. While social media sentiment remains overwhelmingly bullish even during crypto winters, scientific and patent activity grow independently of market fluctuations, tracking overall market expansion in a virtuous cycle where research precedes and enables economic growth that funds further innovation. We publicly release the full DLT-Corpus; LedgerBERT, a domain-adapted model achieving 23% improvement over BERT-base on a DLT-specific Named Entity Recognition (NER) task; and all associated tools and code.

Using a 100-day symmetric window around the January 2025 U.S. presidential inauguration, non-parametric statistical methods with bootstrap resampling (10,000 iterations) analyze distributional properties and anomalies. Results indicate a statistically significant 3.61\% Indonesian rupiah depreciation post-inauguration, with a large effect size (Cliff's Delta = -0.9224, CI: [-0.9727, -0.8571]). Central tendency shifted markedly, yet volatility remained stable (variance ratio = 0.9061, p = 0.504). Four significant anomalies exhibiting temporal clustering are detected. These findings provide quantitative evidence of political transition effects on emerging market currencies, highlighting implications for monetary policy and currency risk management.

Leveraging text, images, structure maps, or motion trajectories as conditional guidance, diffusion models have achieved great success in automated and high-quality video generation. However, generating smooth and rational transition videos given the first and last video frames as well as descriptive text prompts is far underexplored. We present VTG, a Versatile Transition video Generation framework that can generate smooth, high-fidelity, and semantically coherent video transitions. VTG introduces interpolation-based initialization that helps preserve object identity and handle abrupt content changes effectively. In addition, it incorporates dual-directional motion fine-tuning and representation alignment regularization to mitigate the limitations of pre-trained image-to-video diffusion models in motion smoothness and generation fidelity, respectively. To evaluate VTG and facilitate future studies on unified transition generation, we collected TransitBench, a comprehensive benchmark for transition generation covering two representative transition tasks: concept blending and scene transition. Extensive experiments show that VTG achieves superior transition performance consistently across all four tasks.