About Sigma Research OÜ

Sigma Research OÜ is an independent operations research firm based in Tallinn, Estonia, working on on-chain credit. The problem we work on — allocating capital across markets under caps, capacity limits and correlated tail risk — is constrained optimisation under uncertainty, which is the same mathematics we previously applied to network-constrained power dispatch with GAMS and CPLEX.

We have also run liquidation bots against Aave, GMX and Morpho, and been beaten out of those races by same-block competitors. That is where the market data comes from — and it is why, when we tested whether liquidator competition predicts depositor losses and found it does not once controlled for market activity, we published the result rather than the story.

Vault curation is not the only thing we run. Sigma Research operates a CoW Protocol solver and an Across Protocol relayer in production, on the same chains the vault lends on. Both compete against professional counterparties with our own capital at risk and no tolerance for a system that is down or a second late. The operational practices behind the vault — timelocked governance, monitored signals, a kill switch tested against the live contract — came from running those.