One reporting format turns the GvK frontier from a calibrated simulation into a measured one.
The working paper estimates the frontier on a synthetic panel benchmarked to public disclosures. This protocol asks operators for six monthly aggregates per system: latency to finality, settled volume, locked capital and three direct cost lines; the fourth friction, collateral cost, is derived from locked capital. Submissions plot directly on the explorer canvas and form the dataset for the empirical follow-up study.
Confidentiality by design
Anonymised codes. Systems carry a contributor-chosen code; the schema rejects any extra field, including institution names.
Three tiers. public (shown individually), consortium (members only), aggregate_only (never shown individually).
Publication gate. A regime enters a published aggregate only with at least 3 contributors, unless every contributor in it chose public.
Aggregates only. Monthly totals, no transaction or participant-level data.
Validate and benchmark a submission privately
Private benchmark mode · no data leaves your machine
Your file is read, validated and plotted inside this browser tab. Nothing is uploaded, stored or sent to a server, so an analyst can benchmark a system without a data-sharing agreement. Closing the tab discards it.
Record fields · one record per system per period
| Field | Unit | Required | Definition | Paper |
|---|---|---|---|---|
| period | YYYY-MM | YYYY-Qn | yes | Reporting period. For a quarter, USD figures are monthly averages over the quarter. | — |
| tauSeconds | s | yes | Median time from instruction acceptance to irrevocable settlement finality. | Eq. (1), v = 1/τ |
| tauP95Seconds | s | optional | 95th percentile of the same latency; must be ≥ the median. | robustness |
| monthlyVolumeUsd | USD / month | yes | Gross value settled in the month, before netting. | Eq. (2), V |
| lockedCapitalUsd | USD | yes | Average balance held for settlement: prefunding, intraday liquidity, margin and default-fund contributions. | Eqs. (3)–(4), K |
| directFeesUsd | USD / month | yes | Explicit fees and interchange paid by participants to the operator or scheme. | Eq. (2), C_fees |
| riskAdverseSelectionUsd | USD / month | yes | Fraud losses, reserves and adverse-selection cost attributable to settlement risk. | Eq. (2), C_risk |
| energyHardwareUsd | USD / month | yes | Energy, hardware and validator or data-centre operating cost of the settlement layer. | Eq. (2), C_energy |
| fundingRate | decimal p.a. | optional | Overnight funding rate applied to locked capital (e.g. 0.0533). Defaults to the reference SOFR. | Eqs. (3)–(4), r |
| costBasis | enum | optional | observed (ledger), estimated (model) or allocated (share of a wider cost pool). | — |
Submission level: contributor.type, contributor.jurisdiction (ISO alpha-2 or EU), contributor.confidentiality, a methodology note and one or more systems. Accepted regimes: Fiat Wholesale · Gross (RTGS); Fiat Wholesale · Netted (CCP); Retail Card Network; Retail Instant Payments; Crypto · Proof-of-Work; Crypto · Proof-of-Stake; Crypto · Layer-2 Channel; HFT Market Venue. Historical anchors are not accepted.