论文标题
分散融资的自动做市商（DEFI）
Automated Market Makers for Decentralized Finance (DeFi)
论文作者
论文摘要
本文比较了包括对数市场评分规则（LMSR），流动性敏感LMSR（LS-LMSR），恒定产品/均值/均值/总和等自动做市商的数学模型。结果表明，尽管LMSR可能不是分散融资（DEFI）应用程序的好模型，但LS-LMSR比恒定产品/基于均值的自动化做市商具有多个优势。但是，LS-LMSR需要复杂的计算（即对数和指示），并且成本函数曲线是凹面的。在某些DEFI应用中，首选具有具有凸曲线的计算高效成本函数，以符合供求原理。本文提出并分析了自动化做市商的基于圆圈/椭圆的恒定成本功能。所提出的成本功能在计算上是有效的（仅需要乘法和平方根计算），并且比广泛部署的恒定产品成本功能具有多个优点。例如，拟议的做市商对领先者（滑倒）的攻击更为强大。
This paper compares mathematical models for automated market makers including logarithmic market scoring rule (LMSR), liquidity sensitive LMSR (LS-LMSR), constant product/mean/sum, and others. It is shown that though LMSR may not be a good model for Decentralized Finance (DeFi) applications, LS-LMSR has several advantages over constant product/mean based automated market makers. However, LS-LMSR requires complicated computation (i.e., logarithm and exponentiation) and the cost function curve is concave. In certain DeFi applications, it is preferred to have computationally efficient cost functions with convex curves to conform with the principle of supply and demand. This paper proposes and analyzes constant circle/ellipse based cost functions for automated market makers. The proposed cost functions are computationally efficient (only requires multiplication and square root calculation) and have several advantages over widely deployed constant product cost functions. For example, the proposed market makers are more robust against front-runner (slippage) attacks.
