133 citations · 200 across the 18 of their papers we have counts for
4 papers · 1 filter
Replicating Monotonic Payoffs Without Oracles
Guillermo Angeris, Alex Evans, Tarun Chitra
In this paper, we show that any monotonic payoff can be replicated using only liquidity provider shares in constant function market makers (CFMMs), without the need for additional…
When does the tail wag the dog? Curvature and market making
Guillermo Angeris, Alex Evans, Tarun Chitra
Liquidity and trading activity on constant function market makers (CFMMs) such as Uniswap, Curve, and Balancer has grown significantly in the second half of 2020. Much of the growt…
Improved Price Oracles: Constant Function Market Makers
Guillermo Angeris, Tarun Chitra
Automated market makers, first popularized by Hanson's logarithmic market scoring rule (or LMSR) for prediction markets, have become important building blocks, called 'primitives,'…
An analysis of Uniswap markets
Guillermo Angeris, Hsien-Tang Kao, Rei Chiang +2
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 marke…