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<!DOCTYPE article PUBLIC "-//NLM//DTD JATS (Z39.96) Journal Publishing DTD v1.3 20210610//EN" "https://jats.nlm.nih.gov/publishing/1.3/JATS-journalpublishing1-3.dtd">
<article article-type="research-article" dtd-version="1.3" xml:lang="ru">
  <front xmlns:xlink="http://www.w3.org/1999/xlink">
    <journal-meta>
      <journal-title-group>
        <journal-title>Technoeconomics</journal-title>
        <trans-title-group xml:lang="ru">
          <trans-title>Technoeconomics</trans-title>
        </trans-title-group>
      </journal-title-group>
      <issn pub-type="epub">2949-1290</issn>
    </journal-meta>
    <article-meta xmlns:xlink="http://www.w3.org/1999/xlink">
      <article-id pub-id-type="publisher-id">7</article-id>
      <article-id pub-id-type="doi">10.57809/2025.4.3.14.7</article-id>
      <title-group>
        <article-title>Decay-weighted fair price for Solana blockchain token buyback</article-title>
        <trans-title-group xml:lang="ru">
          <trans-title>Модель decay-взвешенной справедливой цены для выкупа токенов на базе блокчейна Solana</trans-title>
        </trans-title-group>
      </title-group>
      <contrib-group>
        <contrib contrib-type="author">
          <contrib-id contrib-id-type="orcid">0009-0005-0370-7313</contrib-id>
          <name>
            <surname>Phinney Dominguez</surname>
            <given-names>José Emilio</given-names>
          </name>
          <xref ref-type="aff" rid="aff1"/>
          <email>josemilio.1995@gmail.com</email>
        </contrib>
      </contrib-group>
      <aff id="aff1">Peter the Great Saint-Petersburg Polytechnic University</aff>
      <pub-date publication-format="electronic" date-type="pub" iso-8601-date="2025-09-30">
        <day>30</day>
        <month>09</month>
        <year>2025</year>
      </pub-date>
      <volume>4</volume>
      <issue>3</issue>
      <issue-id pub-id-type="publisher-id">14</issue-id>
      <fpage>64</fpage>
      <lpage>77</lpage>
      <self-uri xmlns:xlink="http://www.w3.org/1999/xlink" content-type="pdf" xlink:href="https://technoeconomics.spbstu.ru/userfiles/files/Issues/14/7_phinney_dominguez.pdf"/>
      <abstract xml:lang="en">
        <p>This article investigates the problem of determining a fair reclaim price in fractionalized token markets on the Solana blockchain. The research object is the reclaim process, where minority holders must be compensated without exposure to short-term manipulation. The method introduces a program-derived account structured as an 11.5 kB circular buffer storing 720 hourly market prices, combined with an exponential decay weighting scheme with a 24-hour half-life to compute a time-weighted average price. Simulation results demonstrate that extreme pump or dump attempts within the final 72 hours before reclaim have a negligible effect on the computed value. The study concludes that the proposed mechanism ensures fairness for minority holders while maintaining cost efficiency in storage and transaction fees.</p>
      </abstract>
      <kwd-group xml:lang="en">
        <kwd>fractionalized tokens</kwd>
        <kwd>manipulation-resistant time-weighted average price</kwd>
        <kwd>exponential decay weighting</kwd>
        <kwd>Solana program-derived address account</kwd>
        <kwd>circular buffer</kwd>
        <kwd>on-chain pricing</kwd>
        <kwd>reclaim mechanism</kwd>
        <kwd>OpenBook order book</kwd>
        <kwd>gas-efficient storage</kwd>
        <kwd>DeFi fai</kwd>
      </kwd-group>
    </article-meta>
  </front>
</article>
