【Source】FINANCIAL INNOVATION
【Abstract】Recent advancements in decentralized finance (DeFi) have resulted in a rapid increase in the use of Automated Market Makers (AMMs) for creating decentralized exchanges (DEXs). In this paper, we organize these developments by treating an AMM as a neoclassical black-box characterized by the conversion of inputs (tokens) to outputs (prices). The conversion is governed by the technology of the AMM summarized by an 'exchange function'. Various types of AMMs are examined, including: Constant Product Market Makers; Constant Mean Market Makers; Constant Sum Market Makers; Hybrid Function Market Makers; and, Dynamic Automated Market Makers. The paper also looks at the impact of introducing concentrated liquidity in an AMM. Overall, the framework presented here provides an intuitive geometric representation of how an AMM operates, and a clear delineation of the similarities and differences across the various types of AMMs.
【Keywords】Decentralized finance (DeFi); Automated market maker (AMM); Decentralized exchange (DEX); Smart contract; Ethereum
【标题】自动化做市商和去中心化交易所：DeFi 入门
【摘要】去中心化金融 (DeFi) 的最新进展导致使用自动做市商 (AMM) 创建去中心化交易所 (DEX) 的使用迅速增加。在本文中，我们通过将 AMM 视为新古典黑匣子来组织这些发展，其特征在于将输入（代币）转换为输出（价格）。转换由“交换函数”概括的 AMM 技术控制。我们检查了各种类型的 AMM，包括：恒定乘积做市商、恒定平均做市商、恒和做市商、混合功能做市商和动态自动做市商。本文还研究了在 AMM 中引入集中流动性的影响。总体而言，此处介绍的框架提供了 AMM 如何运行的直观几何表示，并清楚地描述了各种类型的 AMM 之间的异同。
【关键词】去中心化金融（DeFi）；自动做市商（AMM）；去中心化交易所（DEX）；智能合约；以太坊
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