Decentralized Exchange: The Uniswap Automated Market Maker
成果类型：
Article
署名作者：
Lehar, Alfred; Parlour, Christine
署名单位：
University of Calgary; University of California System; University of California Berkeley
刊物名称：
JOURNAL OF FINANCE
ISSN/ISSBN：
0022-1082
DOI：
10.1111/jofi.13405
发表日期：
2025
页码：
321-374
关键词：
摘要：
Uniswap is a system of smart contracts on the Ethereum blockchain and is the largest decentralized exchange with a liquidity balance worth up to 4 billion USD and daily trading volume of up to 7 billion USD. It is a new model of liquidity provision, so-called automated market making. For this new market form, we characterize equilibrium in the liquidity pools. We collect all 95.8 million Uniswap interactions and compare this automated market maker (AMM) to a centralized limit order book. We document absence of long-lived arbitrage opportunities, and show conditions under which the AMM dominates a limit order market.
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