Constant product markets with concentrated liquidity (CL) are the most popular type of
automated market makers. In this paper, we characterize the continuous-time wealth …

We use microeconomic theory to describe the inner workings of Constant Function Market
Makers (CFMMs). We show that standard results from consumer theory apply in this new …

Uniswap v3 is the largest decentralized exchange for digital currencies. A novelty of its
design is that it allows a liquidity provider (LP) to allocate liquidity to one or more closed …

Constant-function market makers (CFMMs), such as Uniswap, are automated exchanges
offering trades among a set of assets. We study their technical relationship to another class …

Decentralized finance (DeFi) borrowing and lending platforms are crucial to the
decentralized economy, involving two main participants: lenders who provide assets for …

The bonding curves of decentralised exchanges (DEXs) define, with mathematical formulae,
the relationship between liquidity supply, price impact, and execution prices. Most DEXs use …

Constant function market makers (CFMMs) are the most popular type of decentralized
trading venue for cryptocurrency tokens. In this paper, we give a very general geometric …

Abstract Miner Extractable Value (MEV) refers to excess value captured by miners (or
validators) from users in a cryptocurrency network. This excess value often comes from …

Batch auctions are a classical market microstructure, acclaimed for their fairness properties,
and have received renewed interest in the context of blockchain-based financial systems …

The role of a market maker is to simultaneously offer to buy and sell quantities of goods,
often a financial asset such as a share, at specified prices. An automated market maker …