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An analysis of Uniswap markets

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arxiv 1911.03380 v7 pith:TGVBK7OG submitted 2019-11-08 q-fin.TR cs.MAmath.OC

Guillermo Angeris , Hsien-Tang Kao , Rei Chiang , Charlie Noyes , Tarun Chitra This is my paper · ORCID
classification q-fin.TRcs.MAmath.OC
keywords marketsuniswapanalysisconditionsconstantmarketotherproduct
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Uniswap -- and other constant product markets -- appear to work well in practice despite their simplicity. In this paper, we give a simple formal analysis of constant product markets and their generalizations, showing that, under some common conditions, these markets must closely track the reference market price. We also show that Uniswap satisfies many other desirable properties and numerically demonstrate, via a large-scale agent-based simulation, that Uniswap is stable under a wide range of market conditions.

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Cited by 4 Pith papers

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    A two-tier token architecture decomposes complex real assets into fungible element tokens and a composite everything token with two-way convertibility, aiming to improve liquidity and price discovery.

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