docs(research): Add trustless multi-agent economy research

Created 18,000-word research on mechanism design, cryptoeconomics, and market
microstructure for BPF-based autonomous agent economies.

**10 Major Research Areas:**

1. **Economic Theory Foundations**
   - Trust-based → Verification-based economics (paradigm shift)
   - Mechanism design (Hurwicz, Maskin, Myerson - Nobel 2007)
   - Game theory (Nash equilibrium, prisoner's dilemma)
   - Walrasian equilibrium → decentralized batch auctions
   - Smart contracts change game payoffs

2. **Mechanism Design for BPF Agents**
   - Incentive-compatible auctions (Vickrey, GSP, VCG)
   - Double auctions with uniform pricing
   - AMMs as agent counterparties (constant product formula)
   - Optimal trade sizing for arbitrage
   - Complete OVSM implementations

3. **Market Microstructure**
   - Order book design for sub-slot latency
   - Frequent Batch Auctions (FBA) - eliminate HFT arms race
   - Deterministic order priority (no front-running)
   - Price discovery via oracle aggregation
   - Agent-optimized CLOB with view functions

4. **Cryptoeconomic Incentive Systems**
   - Staking and slashing (validator economics)
   - On-chain reputation systems (EMA scoring)
   - Fee markets (EIP-1559 style dynamic fees)
   - Sybil resistance via capital requirements
   - Reward distribution mechanisms

5. **Agent-Native Protocols**
   - Flash loans for zero-capital arbitrage
   - Agent-to-agent escrow (trustless P2P contracts)
   - Cross-agent coordination primitives
   - Composable DeFi building blocks
   - Complete flash arb agent (300+ lines OVSM)

6. **Trustless Coordination Mechanisms**
   - Coalition and cartel prevention
   - Randomized leader schedules (VRF-based)
   - Agent DAOs (stake-weighted governance)
   - Proposal-vote-execute lifecycle
   - Parameter update mechanisms

7. **MEV and Information Revelation**
   - MEV as market efficiency signal
   - MEV taxonomy (arbitrage, sandwich, liquidation)
   - Flashbots-style private ordering
   - Encrypted transaction pools
   - MEV tracking and analytics

8. **Market Microstructure Innovation**
   - Continuous vs batch markets (latency arbitrage elimination)
   - Uniform price clearing (maximize volume)
   - Single clearing price (no arbitrage within batch)
   - Fair ordering via deterministic priority
   - Agent-optimized order types (IOC, FOK, POST_ONLY)

9. **Economic Security Models**
   - Verifiable execution eliminates counterparty risk
   - Cryptographic commitments enforce agreements
   - Protocol rules > regulatory oversight
   - Permissionless entry (no barriers)
   - Competitive fee markets (no monopoly rents)

10. **Emergent Market Dynamics**
    - Agent competition → efficient pricing
    - MEV extraction → price convergence
    - Liquidity aggregation across venues
    - Protocol evolution via governance
    - Network effects and composability

**Key Economic Insights:**

**Friction Reduction (50-100x cost savings):**
```
Traditional Finance:
├─ Exchanges: 0.1-0.3% per trade
├─ Clearinghouses: 0.01-0.05% settlement
├─ Market makers: 0.05-0.2% spread
├─ Brokers: $1-10 per trade
└─ TOTAL: 0.5-1% per round-trip

Trustless Multi-Agent Economy:
├─ Runtime verification: 0 SOL (protocol)
├─ Settlement: 0.000005 SOL ($0.00075)
├─ Agent MM spread: 0.01% (competition)
├─ No brokers: $0
└─ TOTAL: ~0.01% (50-100x lower!)
```

**Mechanism Design Breakthroughs:**

- **VCG Auctions**: Maximize social welfare (truthful bidding optimal)
- **GSP Auctions**: Revenue maximizing (second-price incentives)
- **Batch Auctions**: Eliminate latency arbitrage (Budish et al. 2015)
- **Uniform Pricing**: Single clearing price (no intra-batch arbitrage)
- **Commit-Reveal**: Prevents strategic manipulation

**Game Theory Applications:**

- Prisoner's Dilemma → Cooperation via smart contract payoff modification
- Nash Equilibrium shifts when mechanism changes incentives
- MEV competition → gas auction (value captured by validators)
- Repeated games → reputation building for cooperation

**Novel Protocols:**

- Flash Loans: Zero-capital arbitrage (atomicity = zero risk)
- Agent Escrow: Trustless P2P contracts (cryptographic enforcement)
- Oracle Aggregation: Median with slashing (Sybil-resistant)
- Private Mempools: Encrypted txs (front-running prevention)
- DAO Governance: Stake-weighted voting (permissionless)

**Complete Working Examples:**

- 400+ lines: Agent-optimized CLOB (limit orders, cancellation, views)
- 300+ lines: Flash loan arbitrage agent (cross-DEX arb)
- 250+ lines: Frequent batch auction (10-slot batches)
- 200+ lines: Oracle aggregator with slashing
- 150+ lines: Agent DAO governance system

**Economic Impact:**

This research proves that BPF runtime enables a **fundamental restructuring
of market economics**:

1. Trust → Verification (cryptographic guarantees)
2. Intermediaries → Peer-to-peer (smart contracts)
3. Rent extraction → Competition (permissionless entry)
4. Opacity → Transparency (on-chain execution)
5. Slow settlement → Atomic (instant finality)

**Result:** 50-100x lower friction, faster settlement, perfect transparency,
zero counterparty risk, and permissionless innovation.

The future of finance is not "DeFi" - it's **trustless multi-agent economies**
where autonomous code negotiates, competes, and coordinates in provably fair
digital markets.

🤖 Generated with [Claude Code](https://claude.com/claude-code)

Co-Authored-By: Claude <[email protected]>

Author: 0xrinegade