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 Automated Market
Makers
A Practical Guide to
Decentralized Exchanges and
Cryptocurrency Trading

Miguel Ottina
Peter Johannes Steffensen
Jesper Kristensen
Automated Market Makers: A Practical Guide to Decentralized Exchanges
and Cryptocurrency Trading
Miguel Ottina Jesper Kristensen
Mendoza, Argentina New York, NY, USA
Peter Johannes Steffensen
Aarhus, Denmark

ISBN-13 (pbk): 978-1-4842-8615-9 ISBN-13 (electronic): 978-1-4842-8616-6

[Link]
Copyright © 2023 by Miguel Ottina, Peter Johannes Steffensen, Jesper Kristensen
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Printed on acid-free paper
Table of Contents
About the Authors�������������������������������������������������������������������������������vii

About This Book����������������������������������������������������������������������������������ix

Chapter 1: Introduction to AMMs���������������������������������������������������������1

Preliminary Notions�����������������������������������������������������������������������������������������������1
Historical Overview�����������������������������������������������������������������������������������������������6
Summary������������������������������������������������������������������������������������������������������������12

Chapter 2: Uniswap v2������������������������������������������������������������������������13

Trading in a Uniswap v2 pool������������������������������������������������������������������������������14
Spot Price������������������������������������������������������������������������������������������������������16
Accounting for Fees���������������������������������������������������������������������������������������22
Impact of the Trades on the Price�����������������������������������������������������������������������28
A Simple Example������������������������������������������������������������������������������������������28
Analysis of Two Consecutive Trades��������������������������������������������������������������30
Impact of the Trade Size on the Average Purchase Price������������������������������34
Impact of the Trade Size on the Average Sell Price���������������������������������������36
Impact of the Trade Size on the Price Growth Ratio��������������������������������������37
Providing Liquidity����������������������������������������������������������������������������������������������40
Minting LP Tokens�����������������������������������������������������������������������������������������40
Burning LP Tokens�����������������������������������������������������������������������������������������49
Pool Value and Impermanent Loss����������������������������������������������������������������53
LP Token Swap����������������������������������������������������������������������������������������������60

iii
Table of Contents

Motivating DEX Aggregators�������������������������������������������������������������������������������63

Summary������������������������������������������������������������������������������������������������������������68

Chapter 3: Balancer����������������������������������������������������������������������������69
The Constant Value Function�������������������������������������������������������������������������������69
Spot Price������������������������������������������������������������������������������������������������������������71
Constant Value Distribution���������������������������������������������������������������������������75
Trading Formulae������������������������������������������������������������������������������������������������77
Providing Liquidity����������������������������������������������������������������������������������������������83
All-Asset Deposit�������������������������������������������������������������������������������������������83
Single-Asset Deposit�������������������������������������������������������������������������������������86
All-Asset Withdrawal�����������������������������������������������������������������������������������109
Single-Asset Withdrawal�����������������������������������������������������������������������������110
Pool Tokens Swap���������������������������������������������������������������������������������������������112
Swap of Pool Tokens That Belong to Pools of Different Types���������������������114
Summary����������������������������������������������������������������������������������������������������������116

Chapter 4: Curve Finance�����������������������������������������������������������������117

The StableSwap Invariant���������������������������������������������������������������������������������117
Mathematical Preliminaries������������������������������������������������������������������������������123
Finding the Parameter D������������������������������������������������������������������������������128
Trading Formulae����������������������������������������������������������������������������������������������132
Taking Fee into Consideration���������������������������������������������������������������������134
All-Asset Deposit�����������������������������������������������������������������������������������������������139
All-Asset Withdrawal�����������������������������������������������������������������������������������������142
Single-Asset Withdrawal�����������������������������������������������������������������������������������145
StableSwap LP Token Swap������������������������������������������������������������������������������153
Summary����������������������������������������������������������������������������������������������������������157

iv
 Table of Contents

Chapter 5: Uniswap v3����������������������������������������������������������������������159

Ticks������������������������������������������������������������������������������������������������������������������160
Initialized Ticks��������������������������������������������������������������������������������������������162
Tick Spacing������������������������������������������������������������������������������������������������163
Liquidity Providers’ Position������������������������������������������������������������������������������164
Impermanent Loss��������������������������������������������������������������������������������������������175
Multiple Positions����������������������������������������������������������������������������������������������184
Protocol Implementation�����������������������������������������������������������������������������������187
Variables������������������������������������������������������������������������������������������������������188
Fees�������������������������������������������������������������������������������������������������������������196
Trades����������������������������������������������������������������������������������������������������������200
The swap Function��������������������������������������������������������������������������������������208
Example�������������������������������������������������������������������������������������������������������228
LP Tokens����������������������������������������������������������������������������������������������������������239
Minting LP Tokens���������������������������������������������������������������������������������������244
Modifying the Position: Part I�����������������������������������������������������������������������245
Update the Position�������������������������������������������������������������������������������������247
Tick Class����������������������������������������������������������������������������������������������������251
Burning LP Tokens���������������������������������������������������������������������������������������266
Analysis of Liquidity Provisioning���������������������������������������������������������������������268
Capital Efficiency�����������������������������������������������������������������������������������������270
Independence with Respect to Other Liquidity Providers����������������������������274
Summary����������������������������������������������������������������������������������������������������������279

References����������������������������������������������������������������������������������������281

Index�������������������������������������������������������������������������������������������������289

v
About the Authors
Miguel Ottina is a mathematician born and raised in Buenos Aires. He
obtained a degree in mathematics in 2005 and a PhD in mathematics in
2009, both from the University of Buenos Aires, and worked as a professor
for many years. He has published several peer-reviewed academic articles
and has given more than 15 conference presentations.
In February 2022, he started consulting in the Web3 space, applying
his mathematical knowledge and expertise to the cutting-edge field of
cryptocurrencies and Decentralized Finance, and he has already become
an expert in automated market [Link] finding out that the literature
on automated market makers is frequently incomplete and not precise,
he decided to write this book with Peter and Jesper so as to provide
newcomers with a friendly, clear, and thorough explanation of the primary
automated market makers and to offer developers a solid, broad, and
profound exposition that will allow them to gain a deeper understanding
in order to continue building.

Peter Johannes Steffensen is a mathematician holding a PhD in

mathematics from Aarhus University. Since then, he has been working as a
software architect in different financial institutions and has also had part-­
time university jobs. He has worked as a consultant in the Web3 space for
over a year and saw there the perfect possibility to apply his mathematical
knowledge and experience from the financial industry. His motivation
for writing this book is to explain how the leading automated market
makers work and to provide a single point of entry for people that look for
information on this topic.

vii
About the Authors

Jesper Kristensen has worked in the Web3 space for years in both
consulting and full-time capacities. He holds a PhD and two master’s
degrees in applied and engineering physics from Cornell University.
Jesper worked four years at General Electric Research, publishing nine
articles, one book chapter, and giving seventeen conference presentations
and invited talks. Following this, he did stints in the tech industry and
finance for three years and has led a large Web3 Research department.
His primary motivation for writing this book is twofold. First, when Jesper
was first introduced to the Web3 space, he noticed that a lot of confusion
about how automated market makers worked circulated and that multiple
people gave incorrect answers around their inner workings—and this book
seeks to settle these types of conflicts. Second, he wants to offer a one-stop
complete guide to learn about automated market makers.

viii
About This Book
Automated market makers (AMMs) are the underlying protocols used
by decentralized exchanges (DEXs) to allow users to perform trades of
cryptocurrencies in a decentralized way with no middlemen. In order
books, a buy order must be matched with a sell order for a trade to occur.
In other words, a coincidence of wants needs to happen, which is not
always guaranteed, and someone needs to step in to make the market.
But in the case of an AMM, users trade against the protocol itself, a smart
contract—or rather a community pool of funds—which is, in simple terms,
an open source computer program in which mathematical formulae
define prices. The crucial point is that no banks or intermediaries charging
exuberant fees are necessary, giving financial access to a much larger
crowd, including less privileged people.
In this book, we perform a thorough study and a clear-cut exposition of
the principal AMM designs (Uniswap v2, Uniswap v3, Balancer, and Curve),
giving a detailed and in-depth description of how they work, unveiling
the mathematics behind them and showing plenty of examples as well
as novel proofs for several interesting facts. While highlighting the ideas
and mathematics behind the several formulae, we aim for an instructive,
precise, and thorough exposition. In this way, we intend that readers can
fully understand how AMMs and DEXs work, find out their subtleties,
grasp the formulae applied when trading and depositing or removing
liquidity, and understand their logic and the mathematical aspects behind
them. In each chapter, we describe each AMM’s core idea. We derive the
mathematical formulae used in the code, explaining the logical thinking
involved and detailing the steps needed to reach those formulae. All these
explanations are complemented with thoughtfully chosen examples that

ix
About This Book

further help enlighten the readers on how the formulae work. In addition,
the relevant parts of the codes of the AMMs are shown after explaining each
formula so that the actual implementation of the formulae can be seen.
Technicalities in this space take a while to figure out independently and
often require knowing the Solidity programming language. Our book fulfills
this need since we will detail how the mathematics of AMMs makes sense
and how it couples to the code. We are convinced that sharing is vital and at
the core of the vision of true decentralization.
This book is ideal for newcomers who want to learn about AMMs
from scratch and is also suitable for experienced developers who want to
delve deeper into the core features of these platforms or use this book as a
detailed reference guide. And since we provide mathematical arguments
and show the actual implementation of the formulae in the corresponding
smart contracts, developers will benefit from both a theoretical and
practical understanding of AMMs.
The book is organized as follows.
In the first chapter, we explain several preliminary concepts that
readers need to know before diving into the following chapters so that
we pave the way for newcomers to go through the book. We also give a
historical overview of AMMs and conduct a broad literature review.
In the second chapter, we study the Uniswap v2 AMM in depth. This
study will not only serve to understand how Uniswap v2 works but will also
lay the foundations for our journey through the other AMMs. Explicitly,
we explain how trades are performed in the Uniswap v2 AMM, how
prices are computed, and how fees are charged, and we analyze how the
price changes when a trade occurs. Several graphs will help the reader to
visualize all these processes. We then show how liquidity can be deposited
and how liquidity providers can remove the liquidity they have deposited.
We also describe how liquidity providers earn trading fees, and we explain
the risk they have of facing impermanent losses.
In the third chapter, we give an in-depth analysis of the Balancer
AMM design. First, we show how the spot price and trading formulae are

x
 About This Book

obtained. Then we explain how liquidity can be deposited and withdrawn.

We analyze the single-asset and all-asset cases for both deposits and
withdrawals, presenting some novel results with their respective proofs. At
the end of the third chapter, we explain how Balancer pool tokens can be
priced and give some examples.
In the fourth chapter, we perform a detailed study of the first version
of the Curve AMM, called StableSwap, designed to make trades between
pegged assets, such as stablecoins. We start Chapter 4 by explaining how
the StableSwap formula is obtained, and we then give mathematical
proofs that show that this design indeed works correctly. It is worth
mentioning that these proofs cannot be found elsewhere, not even in
the corresponding whitepaper. After that, we describe how trades are
performed and how the necessary computations for trading assets are
carried out. Then we explain how all-asset deposits, all-asset withdrawals,
and single-asset withdrawals work. We end Chapter 4 by showing how to
price StableSwap pool tokens.
In the last chapter, we thoroughly explain how the Uniswap v3 AMM
works. Uniswap v3 implements concentrated liquidity, which, from the
liquidity provider’s perspective, makes it very different from the other
AMMs described in this book’s previous chapters. Thus, we start Chapter 5
by introducing the new concepts that appear with this new design. We
then analyze how a liquidity provider’s position varies when trades are
performed and the price changes. After that, we study impermanent losses
in Uniswap v3 and compare them with those of Uniswap v2. Then, we
describe in detail how the Uniswap v3 AMM is implemented, showing
the relevant parts of the smart contract code and the corresponding
explanations. We end the book’s last chapter with a detailed analysis of
liquidity provisioning in Uniswap v3. We explain the concept of capital
efficiency and prove that the performance of a Uniswap v3 position only
depends on the parameters of the position and not on the other positions
that might exist in the same liquidity pool.
We hope you find this book instructive and helpful and enjoy the journey.

xi
CHAPTER 1

Introduction to AMMs
In this chapter, we will introduce many fundamental concepts newcomers
need to know to pleasantly stroll through the pages of this book. We will
also give a historical overview of automated market makers and round
it off with a broad literature review that might help the interested reader
delve deeper into related topics.

1.1 Preliminary Notions
In this section, we will take a quick tour around several basic concepts
regarding blockchains and trading that are needed to better understand
the contents of this book. Readers already familiar with the Ethereum
mainnet and with standard trading terms may skip this section.
We think it makes sense to start this tour from the very beginning, that
is, with the definition of a blockchain. A blockchain is a decentralized,
distributed, and public digital ledger (or, more generally, database) that
exists across a network and consists of a large number of pieces called
blocks that store the information and have a specific storage capacity.
When a block is completed, which happens every 15 seconds on average,
it is closed and linked to the previously closed block, forming a chain of
blocks from which the name of the blockchain is derived.
In a very simplistic way, we can think of a blockchain as a book in
which the pages are the blocks. When a new page is completed, it is
added to the end of the book with the corresponding reference to the
previous page. In books, this reference can be the page numbering, but in

© Miguel Ottina, Peter Johannes Steffensen, Jesper Kristensen 2023 1

M. Ottina et al., Automated Market Makers, [Link]
Chapter 1 Introduction to AMMs

blockchains, it is not that simple. Blocks are connected cryptographically

via so-called hash pointers. Since the hash depends on the entire content
of the current block and includes the thumbnail from the previous block,
the blockchain is considered tamper-proof. To keep this discussion simple,
we will ignore sophisticated details about the blockchain technology
such as temporary forks, limitations on the block size, and confirmations
and refer the interested reader to other excellent resources on those
topics, such as [7], [40], and [37]. As alluded to earlier, how the blocks are
linked makes it impossible for anyone to modify their contents. Hence,
blockchains provide a safe way to store financial information.
A proof-of-work blockchain is maintained secure and operational
by miners, who are users that verify the legitimacy of the transactions
that are going to be written in a new block and stored on the blockchain.
For doing so, they earn fees, known as transaction fees or gas fees. More
explicitly, users pay gas fees to miners for recording their transactions on
the blockchain. Note that for a simple transaction of money, for example,
between two parties, the amount of gas fee that has to be paid does
not depend on the amount of the transaction that has to be recorded—
transferring 100 units costs the same as transferring 1,000,000 units—but
rather on the network congestion at the moment of the transaction. If a
large number of users want their transaction to be recorded around the
same time, they will offer to pay more gas fees so that their transaction
gets prioritized by the miners, and hence, they do not have to wait.
Sometimes, gas fees get too high, which constitutes a problem for users
that want to make small transactions. This problem has been addressed
in several ways, one of them being the creation of layer 2 networks on
top of the main blockchain. Layer 2 networks—or simply L2 networks—
are separate blockchains that extend the principal one and inherit the
security guarantees that the principal blockchain offers. In a few words,
a layer 2 network processes many transactions fast and cheaply. It
regularly communicates with the main blockchain submitting bundles of
transactions so that they get recorded on the principal blockchain, which

2
 Chapter 1 Introduction to AMMs

is called layer 1 (L1). For example, Polygon, Optimism, and Arbitrum are
L2 networks built on the Ethereum blockchain.
In this book, we will focus on the Ethereum blockchain, also known
as Ethereum network or Ethereum mainnet. In contrast to the Bitcoin
blockchain, the Ethereum blockchain supports the creation, deployment,
and functioning of smart contracts. A smart contract is a computer
program that runs on a blockchain. Smart contracts can be thought of
as contracts in which the rules or terms of the agreement are written
in the computer code of the contract. Smart contracts’ most common
programming languages include Solidity, Rust, and Vyper. Smart contracts
have many different uses, but in this book, we will focus on the smart
contracts that allow the exchange of an amount of one asset for an amount
of another one.
The assets that we will be mainly interested in are ERC-20 tokens. In
the Ethereum network, tokens are blockchain-based digital assets that
can be bought, sold, or traded, while ERC-20 is a standard used within
the Ethereum blockchain for fungible tokens. ERC stands for Ethereum
Request for Comments, and ERC-20 was developed to ensure a consistent
interface of tokens in Ethereum to standardize the ways they are defined,
created, and transferred between accounts. We point out, though, that the
blockchain’s native currency—the one in which miners are paid—is not a
token but a coin. For example, Ether, the native currency of the Ethereum
network, is a coin and not an ERC-20 token. However, for simplicity, in the
following chapters, we will use the word token to refer to either a token
or a coin.
It is worth mentioning that a type T of tokens is fungible if any certain
amount a of token T has the same value as another amount a of the same
token T, and hence, those amounts are treated in the same way and
can be exchanged for each other. For example, USDC (USD Coin) is an
ERC-20 token—hence, a fungible token—and thus, 1 USDC is completely
interchangeable for any other 1 USDC, and any amount of 1 USDC has

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Chapter 1 Introduction to AMMs

the same value.1 Other ERC-20 tokens are USDT, DAI, MATIC, LINK,
and WBTC.
On the other hand, the famous NFTs are nonfungible tokens, that
is, digitally unique tokens of the Ethereum blockchain. NFTs are a way to
represent something unique in the form of an Ethereum-based asset. Since
NFTs are tokens, they can be created, bought, sold, and traded. Most NFTs
are built using a consistent standard known as ERC-721.
The places where blockchain assets are traded are called exchanges,
and they can be either centralized or decentralized. Centralized
exchanges—CEXs, for short—are companies that facilitate trading between
users acting as a trusted third party. Examples of CEXs are Binance,
Coinbase, and Kraken. CEXs usually implement order books, which are
simply a detailed list of the prices at which the users are willing to buy or
sell a particular asset, together with the amount of that asset they want to
buy or sell. It is essential to point out that the trades that occur within a CEX
are not recorded on the blockchain. Hence, users do not have to pay gas
fees, making trades much cheaper and faster. Usually, CEXs charge users
with a minimal trading fee—generally 0.1% of the amount of the trade, or
even less than that. Another advantage of CEXs is that they usually enjoy
much higher liquidity than their decentralized counterparts, meaning they
have a larger amount of funds to trade. This is a significant advantage for
traders since they can get better asset prices. Higher liquidity also implies a
lower bid/ask spread, a smaller difference between the price at which an
asset can be bought and the price at which it can be sold. In addition, CEXs
usually have huge trading volumes—this is the amount of a particular
pair of assets that is traded in a certain amount of time—with hundreds of
transactions taking place each minute for each of the most common pairs
of assets. Large trading volumes imply that traders have to wait very little
time for their orders to go through if they are correctly placed.

1
Paper money is another example of a fungible asset: a 100 USD banknote is
equivalent to any other 100 USD banknote.

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 Chapter 1 Introduction to AMMs

A huge disadvantage of CEXs is that the users do not fully own the
assets they deposit into them. Although users rarely have any problem
when dealing with the bigger and more renowned CEXs, it happened a few
times that smaller CEXs disappeared, and their users could never recover
their funds. This became painfully clear in the recent FTX2 catastrophy.
On the other hand, decentralized exchanges—DEXs, for short—are
blockchain-based apps that allow trading by means of smart contracts.
Trades performed within a DEX are recorded on the blockchain and
are simply transfers between the blockchain addresses of the two users
involved in the trade. Thus, users keep full ownership of their assets at
every moment.
Since DEXs work by means of smart contracts, the implementation
of an order book in a DEX has an elevated gas cost because every
modification of the order book—creation of a new order, cancellation of
an existing order, or partial or total fulfillment of an order—will require a
gas fee to be paid. Therefore, on-chain order books are not used within
DEXs on L1 networks. We have to mention, though, that there exist some
examples of off-chain order books with on-chain registration of trades,
such as 1inch3, Sushiswap4, and dYdX5. However, in L1 networks, trades are
usually made by means of automated market makers—AMMs, for short—
which are smart contracts that perform trades using a certain amount of
funds that is available to each of them. In this way, a trader does not need
to find a counterpart to perform a trade but rather interacts with the smart
contract to buy or sell assets. The place in which the funds of the AMM are
stored is called liquidity pool. Funds are deposited into liquidity pools

2
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ceo/?sh=7353734231d9
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[Link]
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by other users called liquidity providers, who will earn trading fees from
each trade performed within the AMM they have provided liquidity to.
The amount of assets that a liquidity pool holds is called liquidity or depth
of the pool. As we shall see, a pool with more liquidity can offer better
conditions for traders.

1.2 Historical Overview
The appearance of AMMs followed the need to implement on-chain
trading efficiently. Initially, DEXs used order books to allow trading
of assets. However, on-chain order books have several significant
drawbacks. First of all, as we mentioned in the previous section, each
order must be registered on-chain, which has an elevated gas cost (as
we mentioned before, in order to add or remove a limit order, a gas fee
must be paid). Secondly, low liquidity implies a significant bid-ask spread
and a slow execution of orders for pairs of assets that do not have a high
trading volume.
To address these problems, Vitalik Buterin proposed in 2016 the
implementation of on-chain AMMs [9], taking ideas from prediction
markets [18]. Buterin’s idea was first applied to AMMs in 2017 in the
Bancor protocol [21], which allowed trades between the Bancor Network
Token (BNT)—the protocol token—and other ERC-20 tokens through
specific smart tokens. Afterward, Martin Koppelmann suggested a
simplification to Buterin’s ideas and came up with the constant product
formula [9]. And several months later, in November 2018, Uniswap v1
was launched with the implementation of the constant product formula
and the liquidity pools, and allowing trades between ETH and any other
ERC-20 token.

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 Chapter 1 Introduction to AMMs

In January 2020, Curve Finance6 launched a new AMM that was

designed exclusively to trade between stablecoins, with low price impact
and high efficiency [11]. In March 2020, the Balancer7 protocol [27] was
deployed on the ETH mainnet, introducing a geometric mean formula
that allowed the creation of liquidity pools consisting of up to 8 ERC-20
tokens. Shortly after, in May 2020, Uniswap v28 was launched, incorporating
liquidity pools consisting of any pair of ERC-20 tokens and thus removing
the necessity of the ETH bridge of Uniswap v1 [1]. Following these ideas,
many other DEXs were deployed during 2020 on other networks, for
example, Sushiswap9 (on Polygon), PancakeSwap10 (on Binance Smart
Chain), and DODO11 (on the Ethereum mainnet, Polygon, and Binance
Smart Chain, among others). In particular, DODO introduced an innovative
Proactive Market Maker algorithm to provide efficient on-chain liquidity.
In October 2020, Bancor v2.112 was introduced, offering impermanent
loss protection to long-term liquidity providers. Due to the impermanent
loss protection, each token pool had an upper limit determined by Bancor
DAO’s13 co-investment.
Several months later, in May 2021, Uniswap v314 appeared and started
offering an entirely new concept to liquidity providers: concentrated
liquidity. This means that liquidity providers can deposit liquidity in a
chosen price range, which makes Uniswap v3 very different from Uniswap
v2. Later, both versions of Uniswap were also deployed on Polygon,
Optimism, and Arbitrum.

6
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7
[Link]
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DAO stands for Decentralized Autonomous Organization.
14
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In June 2021, the Clipper15 DEX was launched. Clipper is designed to

have the lowest per-transaction costs for small to medium-sized trades. In
this way, it intends to be the best place for self-made traders to buy and sell
the most popular cryptoassets.
In November 2021, the Lifinity16 protocol was introduced. Lifinity
is deployed on Solana’s network and applies leverage to liquidity and a
proactive market maker design, using Pyth Network as an oracle, in order
to improve capital efficiency and reduce impermanent loss.
Some months later, in March 2022, Platypus17 was deployed on the
Avalanche blockchain. Platypus is designed for exchanging stablecoins
with much lower price impact than other similar AMMs.
In May 2022, Bancor 318 was launched. In Bancor 3, there is a single
pool to stake BNT and earn yield from the entire network. In addition, all
trades can be performed in a single transaction—they no longer require
transfers via the protocol token—and there are no deposit limits on Bancor
liquidity pools. Bancor 3 offers full impermanent loss protection from day
one of the deposit.
In June 2022, the beta version of the Swaap Finance19 AMM was
launched on Polygon. The Swaap protocol is based on Balancer’s AMM
and is designed to almost get rid of liquidity providers’ impermanent
losses. This is achieved by tracking prices from oracles and implementing
a dynamic and asymmetric spread.
DEXs experienced a significant growth in 2021, having recorded more
than 1 trillion USD in annual trading volume—which is more than an 800%

15
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16
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 Chapter 1 Introduction to AMMs

increase from 2020—and with a total value locked above 200 billion USD
at the start of 2022,20 growing from 20 billion USD a year before. Moreover,
new Decentralized Finance (DeFi) products are continuously developed
aiming to enable people to do most of the things that financial institutions
allow them to do, such as trading, borrowing and lending assets, earning
interest through deposits, and buying or selling insurance, but doing it
faster and without paperwork or intermediaries in a very secure way.
In this line, the research on AMMs has also been flourishing since the
beginning of 2021. Many articles have appeared covering diverse topics,
ranging from modifications, extensions, and generalizations of well-known
AMMs to analyses of current problems of AMMs and proposals of possible
solutions, and from expository articles to more analytical ones.
Regarding expository articles, in [29], Mohan presents a unified
framework to characterize different types of AMMs that are currently
popular as DEXs. He also provides an intuitive geometric representation
of how an AMM operates and delineates the similarities and differences
across the various types of AMMs. In [39], Xu, Paruch, Cousaert, and Feng
systematize the knowledge around AMM-based DEXs and compare the
top AMM protocols’ mechanics, illustrating their conservation functions,
as well as price impact and divergence loss functions. In addition, [32]
provides a brief overview of DEXs and automated market makers and
discusses the trade-off between security and market efficiency. Also, a
comprehensive overview of several of the main AMMs, together with a
discussion on impermanent loss, concentrated liquidity management, and
just-in-time liquidity, can be found in [17].
Other works focus on the analysis of the existent AMMs. For example,
in [6], Angeris, Kao, Chiang, Noyes, and Chitra give a formal study of
constant product markets and their generalizations and numerically
demonstrate via simulations that Uniswap is stable under a wide
range of market conditions. On the other hand, [16] examines how the

20
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Chapter 1 Introduction to AMMs

introduction of concentrated liquidity has changed the liquidity provision

market in automated market makers such as Uniswap by comparing
average liquidity provider returns from trading fees before and after its
introduction. Also, in [13], Elsts shows how to derive some of the results of
the Uniswap v3 whitepaper ([2]), presents several other equations that are
not discussed in the whitepaper, and shows how to apply these equations.
Finally, [35] compares mathematical models for automated market
makers, including logarithmic market scoring rule (LMSR), liquidity-­
sensitive LMSR (LS-LMSR), constant product, mean and sum AMMs,
and others.
Remarkably, a great amount of work is devoted to generalizing,
extending, and improving existing AMMs and developing new products
based on them. For example, in [36], Wang describes in great detail
the actual implementation of an AMM for liquidity pools consisting
of two tokens, whose constant curve is an arc of an ellipse. This AMM
is implemented on CoinSwap.21 In [31], a new formula for automated
liquidity provision—called the constant power sum invariant—is
introduced. This formula incorporates time to maturity as input and
ensures that the liquidity pool offers a constant interest rate for a given
ratio of its reserves. The same formula but with the exponents being
equal to a parameter rather than to the time to maturity is studied in
detail in [38]. In addition, [14] proposes a mathematical model for AMM
composition, defining sequential and parallel composition operators for
AMMs, and [41] describes and studies an AMM design that is obtained
as a nesting of other AMMs. As we can see, the last two articles show how
different formulae for AMMs can be combined to obtain new AMMs with
different properties.
Another line of research focuses on using AMMs to replicate payoff
functions. For example, Evans shows in [15] how liquidity providers’ shares
can be used to replicate target payoffs in geometric mean market makers

21
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 Chapter 1 Introduction to AMMs

with time-varying and potentially stochastic weights. In addition, in [4],

Angeris, Evans, and Chitra present a method for constructing Constant
Function Market Makers (CFMMs) whose portfolio value functions match
a desired payoff. Furthermore, in [5], they show that any monotonic payoff
can be replicated using only liquidity provider shares in CFMMs, without
the need for additional collateral or oracles.
Another important research topic is studying and reducing the
weaknesses of AMMs, which include frontrunning, transaction reordering,
and sandwich attacks. The three of them consist of a party that intends to
rearrange the order in which the transactions will be performed in order
to earn a profit. Several works propose possible ways to alleviate these
problems [42, 19, 28]. In addition, in [20], Heimbach and Wattenhofer
categorize and analyze state-of-the-art transaction reordering
manipulation mitigation schemes and evaluate their full impact on the
blockchain. By doing so, they provide a complete picture of the strengths
and weaknesses of current mitigation schemes and discover that currently
no scheme fully meets all the demands of the blockchain ecosystem.
It is also essential to understand, analyze, and propose solutions to
lessen market inefficiencies in AMMs, such as the availability of cyclic
arbitrage opportunities [8]. Additionally, the impermanent loss—also
called divergence loss—can be thought of as a kind of market inefficiency.
And since the impermanent loss is a loss that liquidity providers can face
due to deviations in the price of the assets, the analysis of impermanent
losses [3, 25, 34, 22] is meaningful for liquidity providers.
On the other hand, some works focus on making AMMs more
dynamic. For example, [30] proposes a novel approach called Dynamic
Automated Market Making to allow both flexible fee adjustment
and dynamic pricing curve setups. This helps reduce the impact of
impermanent loss due to its flexible fee approach while allowing better
capital efficiency using different pricing curve setups tailored for the pair
of tokens in each pool. Also, in [23], Krishnamachari, Feng, and Grippo
propose a new approach to the design of AMMs with the idea of dynamic

11
Random documents with unrelated
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 Genetics - Answer Key
First 2022 - Division

Prepared by: Assistant Prof. Davis

Date: August 12, 2025

References 1: Interdisciplinary approaches

Learning Objective 1: Learning outcomes and objectives
• Theoretical framework and methodology
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Learning Objective 2: Best practices and recommendations
• Literature review and discussion
- Sub-point: Additional details and explanations
- Example: Practical application scenario
Learning Objective 3: Experimental procedures and results
• Historical development and evolution
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Learning Objective 4: Experimental procedures and results
• Ethical considerations and implications
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Learning Objective 5: Interdisciplinary approaches
• Study tips and learning strategies
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Example 5: Practical applications and examples
• Problem-solving strategies and techniques
- Sub-point: Additional details and explanations
- Example: Practical application scenario
Remember: Best practices and recommendations
• Case studies and real-world applications
- Sub-point: Additional details and explanations
- Example: Practical application scenario
[Figure 7: Diagram/Chart/Graph]
Definition: Historical development and evolution
• Key terms and definitions
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Formula: [Mathematical expression or equation]
Remember: Key terms and definitions
• Problem-solving strategies and techniques
- Sub-point: Additional details and explanations
- Example: Practical application scenario
Formula: [Mathematical expression or equation]
Definition: Critical analysis and evaluation
• Practical applications and examples
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Discussion 2: Assessment criteria and rubrics
Example 10: Historical development and evolution
• Theoretical framework and methodology
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Formula: [Mathematical expression or equation]
[Figure 11: Diagram/Chart/Graph]
Important: Best practices and recommendations
• Study tips and learning strategies
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
[Figure 12: Diagram/Chart/Graph]
Key Concept: Literature review and discussion
• Assessment criteria and rubrics
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Example 13: Critical analysis and evaluation
• Theoretical framework and methodology
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Practice Problem 14: Critical analysis and evaluation
• Ethical considerations and implications
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Note: Experimental procedures and results
• Critical analysis and evaluation
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
[Figure 16: Diagram/Chart/Graph]
Definition: Learning outcomes and objectives
• Interdisciplinary approaches
- Sub-point: Additional details and explanations
- Example: Practical application scenario
[Figure 17: Diagram/Chart/Graph]
Key Concept: Assessment criteria and rubrics
• Critical analysis and evaluation
- Sub-point: Additional details and explanations
- Example: Practical application scenario
[Figure 18: Diagram/Chart/Graph]
Note: Theoretical framework and methodology
• Ethical considerations and implications
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Note: Comparative analysis and synthesis
• Experimental procedures and results
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Test 3: Learning outcomes and objectives
Definition: Experimental procedures and results
• Experimental procedures and results
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Practice Problem 21: Historical development and evolution
• Current trends and future directions
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Practice Problem 22: Case studies and real-world applications
• Experimental procedures and results
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Important: Theoretical framework and methodology
• Critical analysis and evaluation
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Formula: [Mathematical expression or equation]
[Figure 24: Diagram/Chart/Graph]
Definition: Research findings and conclusions
• Practical applications and examples
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Formula: [Mathematical expression or equation]
Practice Problem 25: Historical development and evolution
• Experimental procedures and results
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Remember: Ethical considerations and implications
• Research findings and conclusions
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Important: Theoretical framework and methodology
• Theoretical framework and methodology
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Formula: [Mathematical expression or equation]
[Figure 28: Diagram/Chart/Graph]
Definition: Fundamental concepts and principles
• Case studies and real-world applications
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Example 29: Comparative analysis and synthesis
• Critical analysis and evaluation
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Chapter 4: Statistical analysis and interpretation
Example 30: Assessment criteria and rubrics
• Statistical analysis and interpretation
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Note: Current trends and future directions
• Current trends and future directions
- Sub-point: Additional details and explanations
- Example: Practical application scenario
Formula: [Mathematical expression or equation]
Note: Problem-solving strategies and techniques
• Assessment criteria and rubrics
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Formula: [Mathematical expression or equation]
[Figure 33: Diagram/Chart/Graph]
Important: Case studies and real-world applications
• Assessment criteria and rubrics
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Note: Problem-solving strategies and techniques
• Practical applications and examples
- Sub-point: Additional details and explanations
- Example: Practical application scenario
Formula: [Mathematical expression or equation]
Definition: Practical applications and examples
• Statistical analysis and interpretation
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
[Figure 36: Diagram/Chart/Graph]
Definition: Ethical considerations and implications
• Interdisciplinary approaches
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
[Figure 37: Diagram/Chart/Graph]
Definition: Problem-solving strategies and techniques
• Learning outcomes and objectives
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Note: Critical analysis and evaluation
• Learning outcomes and objectives
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Formula: [Mathematical expression or equation]
[Figure 39: Diagram/Chart/Graph]
Important: Learning outcomes and objectives
• Best practices and recommendations
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Formula: [Mathematical expression or equation]
Summary 5: Case studies and real-world applications
Key Concept: Critical analysis and evaluation
• Statistical analysis and interpretation
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Formula: [Mathematical expression or equation]
Definition: Historical development and evolution
• Research findings and conclusions
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Formula: [Mathematical expression or equation]
Key Concept: Practical applications and examples
• Comparative analysis and synthesis
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Definition: Case studies and real-world applications
• Best practices and recommendations
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Formula: [Mathematical expression or equation]
Definition: Literature review and discussion
• Best practices and recommendations
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Remember: Key terms and definitions
• Literature review and discussion
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Formula: [Mathematical expression or equation]
Remember: Key terms and definitions
• Critical analysis and evaluation
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Formula: [Mathematical expression or equation]
Key Concept: Assessment criteria and rubrics
• Research findings and conclusions
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Definition: Practical applications and examples
• Comparative analysis and synthesis
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Practice Problem 49: Literature review and discussion
• Statistical analysis and interpretation
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Practice 6: Case studies and real-world applications
Important: Theoretical framework and methodology
• Ethical considerations and implications
- Sub-point: Additional details and explanations
- Example: Practical application scenario
Formula: [Mathematical expression or equation]
Remember: Case studies and real-world applications
• Learning outcomes and objectives
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Formula: [Mathematical expression or equation]
Practice Problem 52: Research findings and conclusions
• Literature review and discussion
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Definition: Comparative analysis and synthesis
• Assessment criteria and rubrics
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Formula: [Mathematical expression or equation]
Key Concept: Key terms and definitions
• Assessment criteria and rubrics
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Key Concept: Comparative analysis and synthesis
• Current trends and future directions
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Remember: Practical applications and examples
• Key terms and definitions
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Example 57: Comparative analysis and synthesis
• Current trends and future directions
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Formula: [Mathematical expression or equation]
Example 58: Historical development and evolution
• Current trends and future directions
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Remember: Assessment criteria and rubrics
• Case studies and real-world applications
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Test 7: Interdisciplinary approaches
Important: Research findings and conclusions
• Historical development and evolution
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Formula: [Mathematical expression or equation]
Example 61: Historical development and evolution
• Fundamental concepts and principles
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
[Figure 62: Diagram/Chart/Graph]
Example 62: Fundamental concepts and principles
• Fundamental concepts and principles
- Sub-point: Additional details and explanations
- Example: Practical application scenario
Formula: [Mathematical expression or equation]
Example 63: Practical applications and examples
• Current trends and future directions
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Note: Research findings and conclusions
• Case studies and real-world applications
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Example 65: Statistical analysis and interpretation
• Comparative analysis and synthesis
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Key Concept: Interdisciplinary approaches
• Literature review and discussion
- Sub-point: Additional details and explanations
- Example: Practical application scenario
Formula: [Mathematical expression or equation]
Example 67: Literature review and discussion
• Current trends and future directions
- Sub-point: Additional details and explanations
- Example: Practical application scenario
Definition: Fundamental concepts and principles
• Experimental procedures and results
- Sub-point: Additional details and explanations
- Example: Practical application scenario
Note: Case studies and real-world applications
• Historical development and evolution
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Formula: [Mathematical expression or equation]
Section 8: Key terms and definitions
Note: Ethical considerations and implications
• Literature review and discussion
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Formula: [Mathematical expression or equation]
Important: Learning outcomes and objectives
• Key terms and definitions
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
[Figure 72: Diagram/Chart/Graph]
Example 72: Historical development and evolution
• Problem-solving strategies and techniques
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Key Concept: Ethical considerations and implications
• Case studies and real-world applications
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Formula: [Mathematical expression or equation]
[Figure 74: Diagram/Chart/Graph]
Remember: Case studies and real-world applications
• Ethical considerations and implications
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Formula: [Mathematical expression or equation]
Definition: Study tips and learning strategies
• Problem-solving strategies and techniques
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
[Figure 76: Diagram/Chart/Graph]
Definition: Historical development and evolution
• Historical development and evolution
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Formula: [Mathematical expression or equation]
Definition: Critical analysis and evaluation
• Best practices and recommendations
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Note: Research findings and conclusions
• Fundamental concepts and principles
- Sub-point: Additional details and explanations
- Example: Practical application scenario
Definition: Current trends and future directions
• Interdisciplinary approaches
- Sub-point: Additional details and explanations
- Example: Practical application scenario
Formula: [Mathematical expression or equation]
Lesson 9: Ethical considerations and implications
Example 80: Historical development and evolution
• Statistical analysis and interpretation
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Note: Assessment criteria and rubrics
• Case studies and real-world applications
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Remember: Problem-solving strategies and techniques
• Best practices and recommendations
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Key Concept: Current trends and future directions
• Interdisciplinary approaches
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
[Figure 84: Diagram/Chart/Graph]
Remember: Current trends and future directions
• Current trends and future directions
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Remember: Ethical considerations and implications
• Theoretical framework and methodology
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Example 86: Historical development and evolution
• Learning outcomes and objectives
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Formula: [Mathematical expression or equation]
[Figure 87: Diagram/Chart/Graph]
Key Concept: Problem-solving strategies and techniques
• Literature review and discussion
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
[Figure 88: Diagram/Chart/Graph]
Example 88: Ethical considerations and implications
• Experimental procedures and results
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Formula: [Mathematical expression or equation]
Definition: Comparative analysis and synthesis
• Fundamental concepts and principles
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Formula: [Mathematical expression or equation]
Exercise 10: Literature review and discussion
Practice Problem 90: Best practices and recommendations
• Historical development and evolution
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
[Figure 91: Diagram/Chart/Graph]
Definition: Experimental procedures and results
• Literature review and discussion
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
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