Maximizing Extractable Value from Automated Market Makers

@inproceedings{Bartoletti2021MaximizingEV,
  title={Maximizing Extractable Value from Automated Market Makers},
  author={Massimo Bartoletti and James Hsin-yu Chiang and Alberto Lluch-Lafuente},
  booktitle={Financial Cryptography},
  year={2021}
}
. Automated Market Makers (AMMs) are decentralized applications that allow users to exchange crypto-tokens without the need for a matching exchange order. AMMs are one of the most successful DeFi use cases: indeed, major AMM platforms process a daily volume of transactions worth USD billions. Despite their popularity, AMMs are well-known to suffer from transaction-ordering issues: adversaries can influence the ordering of user transactions, and possibly front-run them with their own, to extract… 

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