论文标题
自动化做市商的公理：金融科技和分散融资中的数学框架
Axioms for Automated Market Makers: A Mathematical Framework in FinTech and Decentralized Finance
论文作者
论文摘要
在这项工作中，我们考虑了自动化做市商（AMM）的公理框架。 AMM是智能合约，可以在资产库上设定掉期价格。通过在基础效用函数上施加合理的公理，我们可以表征资产的交换大小和所得定价甲骨文的交换属性。在提供这些一般公理时，我们定义了一种新颖的价格影响量度，可用于量化不同AMM构造之间的成本。我们已经分析了许多现有的AMM，并表明其中大多数都满足我们的公理。我们还考虑了费用和分歧损失的问题。通过这样做，我们提出了一种新的费用结构，以使AMM对交易分裂无动于衷。最后，我们提出了一种具有良好分析特性的新型AMM，并提供了很大的范围，在没有差异损失的情况下。
Within this work we consider an axiomatic framework for Automated Market Makers (AMMs). AMMs are smart contracts that set prices for swaps on a pool of assets. By imposing reasonable axioms on the underlying utility function, we are able to characterize the properties of the swap size of the assets and of the resulting pricing oracle. In providing these general axioms, we define a novel measure of price impacts that can be used to quantify those costs between different AMM constructions. We have analyzed many existing AMMs and shown that the vast majority of them satisfy our axioms. We have also considered the question of fees and divergence loss. In doing so, we have proposed a new fee structure so as to make the AMM indifferent to transaction splitting. Finally, we have proposed a novel AMM that has nice analytical properties and provides a large range over which there is no divergence loss.
