Daily Papers

We design a new family of hybrid CNN-ViT neural networks, named FasterViT, with a focus on high image throughput for computer vision (CV) applications. FasterViT combines the benefits of fast local representation learning in CNNs and global modeling properties in ViT. Our newly introduced Hierarchical Attention (HAT) approach decomposes global self-attention with quadratic complexity into a multi-level attention with reduced computational costs. We benefit from efficient window-based self-attention. Each window has access to dedicated carrier tokens that participate in local and global representation learning. At a high level, global self-attentions enable the efficient cross-window communication at lower costs. FasterViT achieves a SOTA Pareto-front in terms of accuracy \vs image throughput. We have extensively validated its effectiveness on various CV tasks including classification, object detection and segmentation. We also show that HAT can be used as a plug-and-play module for existing networks and enhance them. We further demonstrate significantly faster and more accurate performance than competitive counterparts for images with high resolution. Code is available at https://github.com/NVlabs/FasterViT.

Large language models (LLMs) with extended context lengths rely on the key-value (KV) cache to support attention over prior tokens. However, maintaining the KV cache incurs substantial memory overhead, motivating KV-cache compression methods that enforce a fixed budget through eviction and merging. Modern eviction methods increasingly adopt span-based retention because preserving contiguous spans is empirically effective and better preserves semantic coherence. Yet, when combined with post-eviction merging, span-based retention concentrates merges onto a small set of span-boundary carrier tokens, producing a highly imbalanced merge pattern that exacerbates over-merging and increases information loss. To address this imbalance, we propose GRKV (Global Regression for KV Cache), a training-free KV-cache merging method that directly minimizes the discrepancy between compressed-cache and full-cache attention outputs. GRKV uses ridge-regression-based merge steps to distribute information from evicted tokens across retained tokens, while regularizing the updates to prevent over-smoothing. Across the LongBench and RULER long-context benchmarks, GRKV is the only merging method that improves overall performance with minimal overhead.

Large Language Models (LLMs) can generate reasoning tokens before their final answer to boost performance on complex tasks. While these sequences seem like human thought processes, empirical evidence reveals that they are not a faithful explanation of the model's actual reasoning process. To address this gap between appearance and function, we introduce the State over Tokens (SoT) conceptual framework. SoT reframes reasoning tokens not as a linguistic narrative, but as an externalized computational state -- the sole persistent information carrier across the model's stateless generation cycles. This explains how the tokens can drive correct reasoning without being a faithful explanation when read as text and surfaces previously overlooked research questions on these tokens. We argue that to truly understand the process that LLMs do, research must move beyond reading the reasoning tokens as text and focus on decoding them as state.

Multimodal image fusion aims to integrate complementary information from different modalities into a fused image that preserves rich local details while maintaining globally consistent appearance. Existing approaches build shared representations on 2D feature grids, which excel at modeling local structures but offer limited leverage over image-level global appearance factors. To balance these objectives, we introduce a compact 1D token interface based on a frozen pretrained image tokenizer for modeling non-local appearance/base factors. Rather than using the tokenizer as a reconstruction backbone, our design uses the 1D token space as a global carrier while retaining the 2D spatial pathway for local structure restoration. Specifically, we introduce Selective Token Editing (STE), which sparsely updates/replaces a small set of critical tokens, providing a lightweight mechanism to steer global appearance coherence while keeping the fusion backbone unchanged and avoiding extra losses. Experiments on four commonly used benchmarks show that our method achieves the best overall performance, with consistent, multi-metric improvements in both global coherence and local fidelity. Project page: https://zju-xyc.github.io/1D-Fusion-Project-Page/

Frontier LLMs are increasingly utilised across academia, society and industry. A commonly used unit for comparing models, their inputs and outputs, and estimating inference pricing is the token. In general, tokens are used as a stable currency, assumed to be broadly consistent across tokenizers and contexts, enabling direct comparisons. However, tokenization varies significantly across models and domains of text, making naive interpretation of token counts problematic. We quantify this variation by providing a comprehensive empirical analysis of tokenization, exploring the compression of sequences to tokens across different distributions of textual data. Our analysis challenges commonly held heuristics about token lengths, finding them to be overly simplistic. We hope the insights of our study add clarity and intuition toward tokenization in contemporary LLMs.

This paper introduces VideoScan, an efficient vision-language model (VLM) inference framework designed for real-time video interaction that effectively comprehends and retains streamed video inputs while delivering rapid and accurate responses. A longstanding challenge in video understanding--particularly for long-term or real-time applications--stems from the substantial computational overhead caused by the extensive length of visual tokens. To address this, VideoScan employs a single semantic carrier token to represent each frame, progressively reducing computational and memory overhead during its two-phase inference process: prefilling and decoding. The embedding of the semantic carrier token is derived from an optimized aggregation of frame-level visual features, ensuring compact yet semantically rich representations. Critically, the corresponding key-value pairs are trained to retain contextual semantics from prior frames, enabling efficient memory management without sacrificing temporal coherence. During inference, the visual tokens of each frame are processed only once during the prefilling phase and subsequently discarded in the decoding stage, eliminating redundant computations. This design ensures efficient VLM inference even under stringent real-time constraints. Comprehensive experiments on diverse offline and online benchmarks demonstrate that LLaVA-Video, supported by our method, achieves up to sim 5times and 1.29times speedups compared to its original version and previous efficient streaming video understanding approaches, respectively. Crucially, these improvements are attained while maintaining competitive performance and ensuring stable GPU memory consumption (consistently sim 18GB, independent of video duration).

We study the dynamics of token launched on Pump.fun, a Solana-based launchpad platform, to identify the determinants of the token success. Pump.fun employs a bonding curve mechanism to bootstrap initial liquidity possibly leading to graduation to the on-chain market, which can be seen as a token success. We build predictive models of the probability of graduation conditional on the current amount of Solana locked in the bonding curve and a set of explanatory variables that capture structural and behavioral aspects of the launch process. Conditioning the graduation probability on these variables significantly improves its predictive power, providing insights into early-stage market behavior, speculative and manipulative dynamics, and the informational efficiency of bonding-curve-based token launches.

Launchpads have become the dominant mechanism for issuing memecoins on blockchains due to their fully automated, no-code creation process. This new issuance paradigm has led to a surge in high-risk token launches, causing substantial financial losses for unsuspecting buyers. In this paper, we introduce MemeTrans, the first dataset for studying and detecting high-risk memecoin launches on Solana. MemeTrans covers over 40k memecoin launches that successfully migrated to the public Decentralized Exchange (DEX), with over 30 million transactions during the initial sale on launchpad and 180 million transactions after migration. To precisely capture launch patterns, we design 122 features spanning dimensions such as context, trading activity, holding concentration, and time-series dynamics, supplemented with bundle-level data that reveals multiple accounts controlled by the same entity. Finally, we introduce an annotation approach to label the risk level of memecoin launches, which combines statistical indicators with a manipulation-pattern detector. Experiments on the introduced high-risk launch detection task suggest that designed features are informative for capturing high-risk patterns and ML models trained on MemeTrans can effectively reduce financial loss by 56.1%. Our dataset, experimental code, and pipeline are publicly available at: https://github.com/git-disl/MemeTrans.

DeFi investment agents, systems that use AI for autonomous on-chain trading, have attained over USD 3 billion in combined token valuations since late 2024. We survey over 1,900 AI-tagged crypto projects, filter to investment-focused agents, and curate 10 representative projects spanning strategy and observability dimensions. We then conduct a deep-dive architectural analysis of two prominent agent frameworks, ElizaOS and Virtuals Protocol, and a quantitative on-chain performance analysis of 11 Solana-based agent treasuries with publicly attributable trading activity, covering 925,323 token holders. We find that current deployments remain early and heterogeneous: (1) in our sample, many projects do not yet provide clear evidence of autonomous trade execution, and developer interviews suggest that many visible deployments remain basic API integrations; (2) agent treasuries retain over USD 30M in paper gains while token holders collectively lost USD 191.7M, with the top 1% of wallets capturing 81.4% of all gains (USD 1.81B); (3) token valuations are weakly connected to treasury fundamentals, with market-cap-to-AUM ratios exceeding 10,000x versus below 1x for established DeFi protocols; and (4) aggregate user gains peaked at USD 2.4B before declining to net losses, with median returns negative on every platform and tokens declining 93% on average from all-time highs. We interpret these outcomes as characteristic of a permissionless, first-generation market in which open infrastructure enables rapid experimentation but also allows naive or speculative agents to launch before robust standards for autonomy, performance, and stakeholder alignment emerge. We therefore propose a maturity framework along three dimensions: autonomous execution, risk-adjusted profitability, and stakeholder alignment, to characterize the gap between current deployments and future investment-grade agent systems.

We present UTF8Tokenizer, a minimalist byte-level tokenizer that maps text exactly to IDs corresponding to the bytes underlying the text's UTF-8 encoding (e.g., byte x09 is token ID 9). Unlike prior byte-level approaches (Xue et al., 2021; Pagnoni et al., 2025), our implementation never introduces out-of-range IDs (i.e. there is no token ID 256) or auxiliary tokens: all special behavior (e.g., padding, boundaries, conversation structure, attention segments, tool calling, "thinking" spans, etc.) is encoded using C0 control bytes - just as ASCII was originally designed to embed control information alongside printable text. These design principles yield practical benefits: (1) faster tokenization (14x) and significantly lower host-device transfer (8x less than int64); (2) simple, shareable 256*d embedding tables that can be aligned across models; and (3) a training-time enhancement via bit-biased embeddings, which exposes per-byte bit structure and can be added to the embedding table post-training, removing inference costs. Our HuggingFace-compatible implementation improves language modeling convergence.