Presentation and Publication: Loss and Slippage in Networks of Automated Market Makers
Presentation and Publication: Loss and Slippage in Networks of Automated Market Makers
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演示和出版：自动化做市商网络中的损失和滑点
DOI：
10.4230/oasics.tokenomics.2021.13
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发表时间：
2021
期刊：
影响因子：
--
通讯作者：
M. Herlihy
中科院分区：
文献类型：
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作者：
D. Engel;M. Herlihy
自动做市商（AMMs）是一种根据数学公式自动交易电子资产的智能合约。本文研究了资产管理公司的公式如何影响流动性提供者的利益，流动性提供者向资产管理公司提供资产，而交易者以资产管理公司的利率将一种资产交换为另一种资产。*线性滑动*衡量交易规模如何影响交易者的回报，*角度滑动*衡量交易规模如何影响随后的市场价格，*分歧损失*衡量提供商投资的机会成本，*负载*平衡交易者和提供商的成本。我们给出了这些成本的正式定义，表明它们遵循一定的守恒定律：这些成本可以转移，但永远不会完全消除。我们分析了这些成本在“组合”下的表现，当简单的单个amm连接起来形成更复杂的amm网络时。
Automated market makers (AMMs) are smart contracts that automatically trade electronic assets according to a mathematical formula. This paper investigates how an AMM's formula affects the interests of liquidity providers, who endow the AMM with assets, and traders, who exchange one asset for another at the AMM's rates. *Linear slippage* measures how a trade's size affects the trader's return, *angular slippage* measures how a trade's size affects the subsequent market price, *divergence loss* measures the opportunity cost of providers' investments, and *load* balances the costs to traders and providers. We give formal definitions for these costs, show that they obey certain conservation laws: these costs can be shifted around but never fully eliminated. We analyze how these costs behave under *composition*, when simple individual AMMs are linked to form more complex networks of AMMs.