2 papers
q-fin.TR2025
A Microstructure Analysis of Coupling in CFMMs
Althea Sterrett, Austin Adams
The programmable and composable nature of smart contract protocols has enabled the emergence of novel market structures and asset classes that are architecturally frictional to imp…
q-fin.TR2025
am-AMM: An Auction-Managed Automated Market Maker
Austin Adams, Ciamac C. Moallemi, Sara Reynolds +1
Automated market makers (AMMs) have emerged as the dominant market mechanism for trading on decentralized exchanges implemented on blockchains. This paper presents a single mechani…