AdaMix introduces a mixture-of-adapters approach to parameter-efficient fine-tuning that consistently beats state-of-the-art baselines across major NLP benchmarks. Tested on GLUE, E2E, WebNLG, and DART, AdaMix not only matches but often outperforms full model fine-tuning with BERT, RoBERTa, and GPT-2. Its advantage extends to few-shot learning, where AdaMix narrows the performance gap with full prompt-based fine-tuning, delivering strong results with fewer labeled examples.AdaMix introduces a mixture-of-adapters approach to parameter-efficient fine-tuning that consistently beats state-of-the-art baselines across major NLP benchmarks. Tested on GLUE, E2E, WebNLG, and DART, AdaMix not only matches but often outperforms full model fine-tuning with BERT, RoBERTa, and GPT-2. Its advantage extends to few-shot learning, where AdaMix narrows the performance gap with full prompt-based fine-tuning, delivering strong results with fewer labeled examples.

Smarter Fine-Tuning for NLU and NLG Tasks

2025/10/01 19:00

Abstract and 1. Introduction

  1. Background

    2.1 Mixture-of-Experts

    2.2 Adapters

  2. Mixture-of-Adaptations

    3.1 Routing Policy

    3.2 Consistency regularization

    3.3 Adaptation module merging and 3.4 Adaptation module sharing

    3.5 Connection to Bayesian Neural Networks and Model Ensembling

  3. Experiments

    4.1 Experimental Setup

    4.2 Key Results

    4.3 Ablation Study

  4. Related Work

  5. Conclusions

  6. Limitations

  7. Acknowledgment and References

Appendix

A. Few-shot NLU Datasets B. Ablation Study C. Detailed Results on NLU Tasks D. Hyper-parameter

4 Experiments

4.1 Experimental Setup

Dataset. We perform experiments on a wide range of tasks including eight natural language understanding (NLU) tasks in the General Language Understanding Evaluation (GLUE) benchmark (Wang et al., 2019) and three natural language generation (NLG) tasks, namely, E2E (Novikova et al., 2017), WebNLG (Gardent et al., 2017) and DART (Nan et al., 2020). For the NLU and NLG tasks, we follow the same setup as (Houlsby et al., 2019) and (Li and Liang, 2021; Hu et al., 2021), respectively.

\ Baselines. We compare AdaMix to full model fine-tuning and several state-of-the-art parameterefficient fine-tuning (PEFT) methods, namely, Pfeiffer Adapter (Pfeiffer et al., 2021), Houlsby Adapter (Houlsby et al., 2019), BitFit (Zaken et al., 2021), Prefix-tuning (Li and Liang, 2021), UNIPELT (Mao et al., 2021) and LoRA (Hu et al., 2021). We use BERT-base (Devlin et al., 2019) and RoBERTa-large (Liu et al., 2019) as encoders for NLU tasks (results in Table 1 and Table 2), and GPT-2 (Brown et al., 2020) for NLG tasks (results in Table 3).

\ AdaMix implementation details. We implement AdaMix in Pytorch and use Tesla V100 gpus for experiments with detailed hyper-parameter configurations presented in Section D in Appendix. AdaMix with adapters uses a dimension of 16 and 48 using BERT-base and RoBERTa-large encoders following the setup of (Hu et al., 2021; Mao et al., 2021) for fair comparison. AdaMix with LoRA uses rank r = 4 following the setup of (Hu et al., 2021) to keep the same number of adaptation parameters during inference. The number of adaptation modules in AdaMix is set to 4 for all the tasks and encoders unless otherwise specified. The impact of adapter dimension and number of adaptation modules for NLU tasks are investigated in Table 9 and 10. For most of the experiments and ablation analysis, we report results from AdaMix with adapters for NLU tasks. For demonstrating the generalizability of our framework, we report results from AdaMix with LoRA (Hu et al., 2021) as the underlying PEFT mechanism for NLG tasks.

\

4.2 Key Results

4.2.1 NLU Tasks

\ Tables 1 and 2 show the performance comparison among PEFT models with RoBERTa-large and BERT-base encoders respectively. Fully fine-tuned

\ \ Table 1: Results for NLU tasks on GLUE development set with RoBERTa-large encoder. The best result on each task is in bold and “-” denotes missing measure. AdaMix with a mixture of adapters outperforms all competing methods as well as fully fine-tuned large model with only 0.23% tunable parameters.† denotes results reported from (Hu et al., 2021). Mcc refers to Matthews correlation coefficient, and Pearson refers to Pearson correlation. #Param. denotes the number of tunable adaptation parameters used during inference.

\ \ RoBERTa-large and BERT-base provide the ceiling performance. We observe AdaMix with a mixture-of-adapters to significantly outperform other state-of-the-art baselines on most tasks with different encoders. AdaMix with adapters is the only PEFT method which outperforms full model fine-tuning on all the tasks and on average score.

\ \

\ \ 4.2.2 NLG Tasks

\ AdaMix leverages mixture of adaptations to improve over underlying PEFT method as demonstrated in Table 3 for E2E NLG i.e. AdaMix with LoRA and AdaMix with adapters outperform LoRA (Hu et al., 2021) and adapters (Houlsby et al., 2019) respectively. We report results on DART and WebNLG in Tables 4 and 5 in Appendix.

\ 4.2.3 Few-shot NLU

\ In contrast to the fully supervised setting in the above experiments, we also perform few-shot experiments on six GLUE tasks following the same setup (e.g., shots, train and test splits) and evaluation as in (Wang et al., 2021). Detailed experimental configuration presented in Section A of Appendix. AdaMix uses a mixture-of-adapters with prompt-based fine-tuning (Gao et al., 2021).

\ Table 6 shows the performance comparison among different PEFT methods with |K| = 30 labeled examples with RoBERTa-large as frozen encoder. We observe significant performance gap for most PEFT methods with full model promptbased fine-tuning i.e. with all model parameters being updated. AdaMix with adapters outperforms full model tuning performance for few-shot NLU similar to that in the fully supervised setting. Note that AdaMix and LiST (Wang et al., 2021) use similar adapter design with prompt-based fine-tuning.

\

:::info Authors:

(1) Yaqing Wang, Purdue University (wang5075@purdue.edu);

(2) Sahaj Agarwal, Microsoft (sahagar@microsoft.com);

(3) Subhabrata Mukherjee, Microsoft Research (submukhe@microsoft.com);

(4) Xiaodong Liu, Microsoft Research (xiaodl@microsoft.com);

(5) Jing Gao, Purdue University (jinggao@purdue.edu);

(6) Ahmed Hassan Awadallah, Microsoft Research (hassanam@microsoft.com);

(7) Jianfeng Gao, Microsoft Research (jfgao@microsoft.com).

:::


:::info This paper is available on arxiv under CC BY 4.0 DEED license.

:::

\

Disclaimer: The articles reposted on this site are sourced from public platforms and are provided for informational purposes only. They do not necessarily reflect the views of MEXC. All rights remain with the original authors. If you believe any content infringes on third-party rights, please contact service@support.mexc.com for removal. MEXC makes no guarantees regarding the accuracy, completeness, or timeliness of the content and is not responsible for any actions taken based on the information provided. The content does not constitute financial, legal, or other professional advice, nor should it be considered a recommendation or endorsement by MEXC.
Share Insights

You May Also Like

US Spot ETH ETFs Witness Remarkable $244M Inflow Surge

US Spot ETH ETFs Witness Remarkable $244M Inflow Surge

BitcoinWorld US Spot ETH ETFs Witness Remarkable $244M Inflow Surge The world of digital assets is buzzing with exciting news! US spot ETH ETFs recently experienced a significant milestone, recording a whopping $244 million in net inflows on October 28. This marks the second consecutive day of positive movement for these crucial investment vehicles, signaling a growing appetite for Ethereum exposure among mainstream investors. What’s Fueling the Latest US Spot ETH ETFs Inflow? This impressive influx of capital into US spot ETH ETFs highlights a clear trend: institutional and retail investors are increasingly comfortable with regulated crypto investment products. The figures, reported by industry tracker Trader T, show a robust interest that could reshape the market. Fidelity’s FETH led the charge, attracting a substantial $99.27 million. This demonstrates strong confidence in Fidelity’s offering and Ethereum’s long-term potential. BlackRock’s ETHA wasn’t far behind, securing $74.74 million in inflows. BlackRock’s entry into the crypto ETF space has been closely watched, and these numbers confirm its growing influence. Grayscale’s Mini ETH also saw significant action, pulling in $73.03 million. This new product is quickly gaining traction, offering investors another avenue for Ethereum exposure. It’s important to note that while most products saw positive flows, Grayscale’s ETHE experienced a net outflow of $2.66 million. This might suggest a shift in investor preference towards newer, perhaps more cost-effective, spot ETF options. Why Are US Spot ETH ETFs Attracting Such Significant Capital? The appeal of US spot ETH ETFs is multifaceted. For many investors, these products offer a regulated and accessible way to gain exposure to Ethereum without directly owning the cryptocurrency. This removes some of the complexities associated with digital asset management, such as setting up wallets, managing private keys, or dealing with less regulated exchanges. Key benefits include: Accessibility: Investors can buy and sell shares of the ETF through traditional brokerage accounts, just like stocks. Regulation: Being regulated by financial authorities provides a layer of security and trust that some investors seek. Diversification: For traditional portfolios, adding exposure to a leading altcoin like Ethereum through an ETF can offer diversification benefits. Liquidity: ETFs are generally liquid, allowing for easy entry and exit from positions. Moreover, Ethereum itself continues to be a powerhouse in the blockchain space, underpinning a vast ecosystem of decentralized applications (dApps), NFTs, and decentralized finance (DeFi) protocols. Its ongoing development and significant network activity make it an attractive asset for long-term growth. What Does This US Spot ETH ETFs Trend Mean for Investors? The consistent positive inflows into US spot ETH ETFs could be a strong indicator of maturing institutional interest in the broader crypto market. It suggests that major financial players are not just dabbling but are actively integrating digital assets into their investment strategies. For individual investors, this trend offers several actionable insights: Market Validation: The increasing capital flow validates Ethereum’s position as a significant digital asset with real-world utility and investor demand. Potential for Growth: Continued institutional adoption through ETFs could contribute to greater price stability and potential upward momentum for Ethereum. Observing Investor Behavior: The shift from products like Grayscale’s ETHE to newer spot ETFs highlights how investors are becoming more discerning about their investment vehicles, prioritizing efficiency and cost. However, it is crucial to remember that the crypto market remains volatile. While these inflows are positive, investors should always conduct their own research and consider their risk tolerance before making investment decisions. A Compelling Outlook for US Spot ETH ETFs The recent $244 million net inflow into US spot ETH ETFs is more than just a number; it’s a powerful signal. It underscores a growing confidence in Ethereum as an asset class and the increasing mainstream acceptance of regulated cryptocurrency investment products. With major players like Fidelity and BlackRock leading the charge, the landscape for digital asset investment is evolving rapidly, offering exciting new opportunities for both seasoned and new investors alike. This positive momentum suggests a potentially bright future for Ethereum’s integration into traditional financial portfolios. Frequently Asked Questions (FAQs) What is a US spot ETH ETF? A US spot ETH ETF (Exchange-Traded Fund) is an investment product that allows investors to gain exposure to the price movements of Ethereum (ETH) without directly owning the cryptocurrency. The fund holds actual Ethereum, and shares of the fund are traded on traditional stock exchanges. Which firms are leading the inflows into US spot ETH ETFs? On October 28, Fidelity’s FETH led with $99.27 million, followed by BlackRock’s ETHA with $74.74 million, and Grayscale’s Mini ETH with $73.03 million. Why are spot ETH ETFs important for the crypto market? Spot ETH ETFs are crucial because they provide a regulated, accessible, and often more familiar investment vehicle for traditional investors to enter the cryptocurrency market. This can lead to increased institutional adoption, greater liquidity, and enhanced legitimacy for Ethereum as an asset class. What was Grayscale’s ETHE outflow and what does it signify? Grayscale’s ETHE experienced a net outflow of $2.66 million. This might indicate that some investors are shifting capital from older, perhaps less efficient, Grayscale products to newer spot ETH ETFs, which often offer better fee structures or direct exposure without the previous trust structure limitations. If you found this article insightful, consider sharing it with your network! Your support helps us bring more valuable insights into the world of cryptocurrency. Spread the word and let others discover the exciting trends shaping the digital asset space. To learn more about the latest Ethereum trends, explore our article on key developments shaping Ethereum institutional adoption. This post US Spot ETH ETFs Witness Remarkable $244M Inflow Surge first appeared on BitcoinWorld.
Share
2025/10/29 11:45
First Ethereum Treasury Firm Sells ETH For Buybacks: Death Spiral Incoming?

First Ethereum Treasury Firm Sells ETH For Buybacks: Death Spiral Incoming?

Ethereum-focused treasury company ETHZilla said it has sold roughly $40 million worth of ether to fund ongoing share repurchases, a maneuver aimed at closing what it calls a “significant discount to NAV.” In a press statement on Monday, the company disclosed that since Friday, October 24, it has bought back about 600,000 common shares for approximately $12 million under a broader authorization of up to $250 million, and that it intends to continue buying while the discount persists. ETHZilla Dumps ETH For BuyBacks The company framed the buybacks as balance-sheet arbitrage rather than a strategic retreat from its core Ethereum exposure. “We are leveraging the strength of our balance sheet, including reducing our ETH holdings, to execute share repurchases,” chairman and CEO McAndrew Rudisill said, adding that ETH sales are being used as “cash” while common shares trade below net asset value. He argued the transactions would be immediately accretive to remaining shareholders. Related Reading: Crypto Analyst Shows The Possibility Of The Ethereum Price Reaching $16,000 ETHZilla amplified the message on X, saying it would “use its strong balance sheet to support shareholders through buybacks, reduce shares available for short borrow, [and] drive up NAV per share” and reiterating that it still holds “~$400 million of ETH” on the balance sheet and carries “no net debt.” The company also cited “recent, concentrated short selling” as a factor keeping the stock under pressure. The market-structure logic is straightforward: when a digital-asset treasury trades below the value of its coin holdings and cash, buying back stock with “coin-cash” can, in theory, collapse the discount and lift NAV per share. But the optics are contentious inside crypto because the mechanism requires selling the underlying asset—here, ETH—to purchase equity, potentially weakening the very treasury backing that investors originally sought. Death Spiral Incoming? Popular crypto trader SalsaTekila (@SalsaTekila) commented on X: “This is extremely bearish, especially if it invites similar behavior. ETH treasuries are not Saylor; they haven’t shown diamond-hand will. If treasury companies start dumping the coin to buy shares, it’s a death spiral setup.” Skeptics also zeroed in on funding choices. “I am mostly curious why the company chose to sell ETH and not use the $569m in cash they had on the balance sheet last month,” another analyst Dan Smith wrote, noting ETHZilla had just said it still holds about $400 million of ETH and thus didn’t deploy it on fresh ETH accumulation. “Why not just use cash?” The question cuts to the core of treasury signaling: using ETH as a liquidity reservoir to defend a discounted equity can be read as rational capital allocation, or as capitulation that undermines the ETH-as-reserve narrative. Beyond the buyback, a retail-driven storyline has rapidly formed around the stock. Business Insider reported that Dimitri Semenikhin—who recently became the face of the Beyond Meat surge—has targeted ETHZilla, saying he purchased roughly 2% of the company at what he views as a 50% discount to modified NAV. He has argued that the market is misreading ETHZilla’s balance sheet because it still reflects legacy biotech results rather than the current digital-asset treasury model. Related Reading: Ethereum Emerges As The Sole Trillion-Dollar Institutional Store Of Value — Here’s Why The same report cites liquid holdings on the order of 102,300 ETH and roughly $560 million in cash, translating to about $62 per share in liquid assets, and calls out a 1-for-10 reverse split on October 15 that, in his view, muddied the optics for retail. Semenikhin flagged November 13 as a potential catalyst if results show the pivot to ETH generating profits. The company’s own messaging emphasizes the discount-to-NAV lens rather than a change in strategy. ETHZilla told investors it would keep buying while the stock trades below asset value and highlighted a goal of shrinking lendable supply to blunt short-selling pressure. For Ethereum markets, the immediate flow effect is limited—$40 million is marginal in ETH’s daily liquidity—but the second-order risk flagged by traders is behavioral contagion. If other ETH-heavy treasuries follow the playbook, selling the underlying to buy their own stock, the flow could become pro-cyclical: coins are sold to close equity discounts, the selling pressures spot, and wider discounts reappear as equity screens rerate to the weaker mark—repeat. That is the “death spiral” scenario skeptics warn about when the treasury asset doubles as the company’s signal of conviction. At press time, ETH traded at $4,156. Featured image created with DALL.E, chart from TradingView.com
Share
2025/10/29 12:00