Corpus ID: 207847514

An analysis of Uniswap markets

@article{Angeris2019AnAO,
  title={An analysis of Uniswap markets},
  author={Guillermo Angeris and Hsien-Tang Kao and Rei Chiang and Charlie Noyes and T. Chitra},
  journal={ArXiv},
  year={2019},
  volume={abs/1911.03380}
}

Guillermo Angeris, Hsien-Tang Kao, +2 authors T. Chitra

Published 2019

Computer Science, Economics, Mathematics

ArXiv

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 markets and their generalizations, showing that, under some common conditions, these markets must closely track the reference market price. We also show that Uniswap satisfies many other desirable properties and numerically demonstrate, via a large-scale agent-based simulation, that Uniswap is stable under a wide range of… CONTINUE READING

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