Amin Mohazab
Helsinki
Summary
Risk Researcher focused on DeFi lending and collateral systems, with a PhD in Economics and expertise in mechanism design and agent-based modeling. My work focuses on analyzing liquidation dynamics, parameter calibration and recommendation, and systemic risk in on-chain markets. I have conducted research on blockchain incentive structures, fee formation, and validator behavior, and developed simulation-based frameworks to evaluate protocol robustness under stress. Additionally, I bring experience in quantitative credit risk modeling (IFRS9/IRB), enabling a rigorous and practical approach to risk in decentralized finance.
Overview
11
11
years of professional experience
Work History
Quantitative Risk Analyst
Nordea
01.2023 - Current
- Main developer of LGL model (Loss Given Liquidation), a core component of the bank’s Expected Credit Loss (ECL) framework that is directly analogous to liquidation risk modeling in DeFi lending systems
- Communicate, support and justify developed models to key stakeholders including Business and Internal Validation teams.
- Developing quantitative models within the IFRS9 and IRB regulatory frameworks of credit risk models.
- Building and maintaining large-scale data processing tools and pipelines using Python, PySpark, and SQL to support risk modelling and simulation
- Using advanced Machine Learning and statistical tools to simulate portfolio impact for various scenario analyses, including stress testing and macro sensitivities.
PhD Researcher
Department of Economics, Aalto University
Espoo
08.2018 - 06.2025
- Used an agent-based modelling approach to study Bitcoin miners incentives, fee manipulation and network congestion, a modeling structure similar to the one used to analyze MEV, fee formation, and transaction inclusion dynamics in Ethereum.
- Conducted a welfare analysis of participants under protocol congestion in Bitcoin, providing conceptual foundations applicable to Ethereum’s blockspace market design and user welfare under EIP-1559.
- Modeled Bitcoin hash power using game theoretic concepts, a methodology analogous to analyzing validator incentives, staking dynamics, and proposer strategies in Ethereum.
Assistant Researcher
University of Tehran
08.2015 - 09.2017
- Developed a Robust Multi-Objective Portfolio Optimization technique using the Bertsimas Method
Education
Ph.D. - Economics
Aalto University, School of Business
Espoo, Finland06-2025
MBA - Strategic Management
School of Management, University of Tehran
Tehran. IranBachelor of Science - Electrical Engeneering And Communication Systems
School of Engineering, Ferdowsi University
Mashhad, IranSkills
- Game Theory, Mechanism Design for decentralized protocols
- Agent-Based Modelling and Multi-agent simulations
- Collateral Risk, Liquidation Dynamics & Lending Systems
- Machine Learning, Quantitative Analysis
- Time series Analysis, Statistical methods and testing
- Python (pandas, numpy, statsmodels)
- SQL, Dune Analytics
- Solidity and Smart Contracts
- Credit-risk modelling within regulatory frameworks such as Basel III, IRB and IFRS9
- Industrial Organization, market design
- Pyspark, snowflake, large scale data processing
Projects and Articles
Projects:
- Stable coins depeg disasters; Oracle failure or Liquidity shortage?! (Medium, Dune, Github)
- Risk Parameter Reassessment for rsETH Collateral under Liquidity and Redemption Stress (work in progress)
- Welfare analysis of liquidation in Compound v3 and the effect of adding dynamic close factor (Medium, Github)
- Designing dynamic fee mechanism using Uniswap Hooks (Medium, Github)
Articles:
- Classic Auction Theory to analyse bidding behaviour in L1s and it's shortcomings (Medium)
- Ethereum state space expansion, questions and solutions (Medium)
- Economics of Based Preconfirmations, Intro (Medium)
- Modelling Bitcoin Hashing power using an Agent-Based model (Medium)
Publications
- Optimal mining in proof-of-work blockchain protocols. Available at https://www.sciencedirect.com/science/article/pii/S1544612322007863
- Emptying Blocks: The Hazardous Incentive Scheme Behind Blockchain Fee Formation. Available at SSRN: https://ssrn.com/abstract=3974688 or http://dx.doi.org/10.2139/ssrn.3974688
- The welfare of the Participants in the Bitcoin Payment System. Available at https://papers.ssrn.com/sol3/papers.cfm?abstract_id=5793122
- Essays on Blockchain Technology and Digital Economics. PhD thesis available at https://aaltodoc.aalto.fi/items/15d43232-6954-48c3-b2c7-e74f38c8cf3a
* Codes available on GitHub
Awards
Multiple research grants from foundations such as the HSE support Foundation and Foundations for Economics Education for doing research on Blockchain technology, decentralized systems and their applications in Economics and Finance.
Timeline
Quantitative Risk Analyst
Nordea
01.2023 - Current
PhD Researcher
Department of Economics, Aalto University
08.2018 - 06.2025
Assistant Researcher
University of Tehran
08.2015 - 09.2017
Ph.D. - Economics
Aalto University, School of Business
MBA - Strategic Management
School of Management, University of Tehran
Bachelor of Science - Electrical Engeneering And Communication Systems
School of Engineering, Ferdowsi University