Within just four years, the blockchain-based Decentralized Finance (DeFi) ecosystem has
accumulated a peak total value locked (TVL) of more than 253 billion USD. This surge in …

We compare the market quality of centralized crypto exchanges (CEXs) such as Binance
and Kraken to decentralized blockchain-based venues (DEXs) such as Uniswap v2 and v3 …

Trading on decentralized exchanges has been one of the primary use cases for
permissionless blockchains with daily trading volume exceeding billions of US ‍dollars. In the …

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 …

Decentralized Finance (DeFi) is a new paradigm in the creation, distribution, and utilization
of financial services via the integration of blockchain technology. Our research conducts a …

Decentralized Exchanges (DEXs) are pivotal applications in the Decentralized Finance
(DeFi) landscape, aiming to facilitate trustless cryptocurrency trading by relying on smart …

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 …

We study economies of scale in liquidity provision on decentralized exchanges, focusing on
the impact of fixed transaction costs such as gas prices on liquidity providers (LPs). Small …

Constant Function Market Makers (CFMMs) are a tool for creating exchange markets, have
been deployed effectively in prediction markets, and are now especially prominent in the …

We provide an economic model of a decentralized exchange (DEX) that allows investors to
concentrate liquidity within exogenously specified price intervals (eg, Uniswap V3). We …