A new prediction-market pricing rule, the Smooth Quadratic Prediction Market, replaces the Bregman fee with a quadratic fee, preserves the main DCFMM axioms, and makes traders collectively perform steepest descent toward their beliefs.
A general volume-parameterized market making framework
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Smooth Quadratic Prediction Markets
A new prediction-market pricing rule, the Smooth Quadratic Prediction Market, replaces the Bregman fee with a quadratic fee, preserves the main DCFMM axioms, and makes traders collectively perform steepest descent toward their beliefs.