We investigate the market microstructure of Automated Market Makers (AMMs), the most
prominent type of blockchain-based decentralized exchanges. We show that the order …

Financial markets are undergoing an unprecedented transformation. Technological
advances have brought major improvements to the operations of financial services. While …

ABSTRACT 'Decentralized finance'(DeFi) refers to a range of applications in the crypto-asset
space that seek to disintermediate the provision of financial services through reliance on self …

Over the past decade, blockchains and cryptocurrencies have taken a central stage in
financial technology (FinTech) innovation. In 2020–2021, as the academic finance and …

In this paper, we study the mechanisms that govern price stability of MakerDAO's DAI token,
the first decentralized stablecoin. DAI works through a set of autonomous smart contracts, in …

We study economies of scale in liquidity provision on decentralized exchanges, focusing on
the impact of fixed transaction costs such as gas prices on liquidity providers (LPs). Small …

Decentralized exchanges (DEXs) allow traders to express their willingness to pay for quick
execution through a public priority fee bidding mechanism. This influences the trading …

Decentralized autonomous organizations (DAOs) are entities without central leadership and
operate based on a set of decision-making rules encoded into smart contracts using …

We explore the potential for automated market makers (AMMs) to enhance traditional
financial markets, drawing on their success in the crypto-assets space. The increasing …

We consider an automated market maker (AMM) in which all trades are batched and
executed at a price equal to the marginal price (ie, the price of an arbitrary small trade) after …