论文标题
混合恒定总和和恒定的产品做市商
Mixing Constant Sum and Constant Product Market Makers
论文作者
论文摘要
自动化做市商的两种流行形式是恒定总和和恒定产品（分别为CSMM和CPMM）。每个人都有其优势和缺点：CSMM的汇率稳定，但容易受到套利的影响，有时可能无法提供流动性，而CPMM可能会因汇率变化而造成巨大的无常损失，但始终能够为参与者提供流动性。 为了获得恒定总和和恒定产品特性的最佳作用，已经完成了大量的工作。也许与本文相关的大多数是Stableswap，它具有“放大系数”参数，该参数控制了两种类型的行为之间的平衡[EGO19]。诸如[AEC21]中的替代方法涉及使用投资组合值函数构建AMM。但是，在这些方面仍然有很多工作要做。本文介绍了混合做市商的多种新颖方法，并展示了针对具有特定功能的市场设计的新工具。
Two popular forms of automated market makers are constant sum and constant product (CSMM and CPMM respectively). Each has its advantages and disadvantages: CSMMs have stable exchange rates but are vulnerable to arbitrage and can sometimes fail to provide liquidity, while a CPMM can have large impermanent loss due to exchange rate changes but are always able to provide liquidity to participants. A significant amount of work has been done in order to get the best of both constant sum and constant product characteristics. Perhaps most the relevant to this paper is Stableswap, which has an "amplification coefficient" parameter controlling the balance between the two types of behavior [Ego19]. Alternative approaches, such as in [AEC21], involve constructing AMMs using portfolio value functions. However, there is still much work to be done on these fronts. This paper presents multiple novel methods for mixing market makers and demonstrates new tools for designing markets with specific features.
