Subject
4 entries
Amm
Bookmarks
Towards a Theory of Maximal Extractable Value I: Constant Function Market Makers
Kulkarni, Diamandis, and Chitra's first paper in a theory series on Maximal Extractable Value in constant function market makers, showing sandwich attack price impact scales as O(log n) in trade count. It establishes the game-theoretic framework for MEV analysis that the field needed.
Uniswap v2 Core
The Uniswap v2 technical whitepaper describes the core design decisions behind the protocol upgrade: arbitrary ERC20 pairs, a hardened time-weighted average price oracle, flash swaps, and a deactivated protocol fee. Together these make Uniswap v2 the infrastructure layer that DeFi summer was built on.
TWAMM: Time-Weighted Average Market Maker
Paradigm's paper introducing the Time-Weighted Average Market Maker (TWAMM) — a DEX primitive designed to execute large orders over time by continuously trading against an embedded AMM. Elegant solution to the large-order MEV problem that haunts standard AMMs.
Theoretical Advances in AMM Understanding
A technical deep-dive on theoretical advances in understanding automated market makers (AMMs) — covering impermanent loss, concentrated liquidity, and how AMM design choices create different economic tradeoffs for liquidity providers. Essential reading for DeFi protocol design.