Estrutura de mercado

Constant-product pool arithmetic

A basic AMM prices trades along a reserve curve.

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Overview

A basic AMM prices trades along a reserve curve.

Finite size moves price, so average execution differs from the initial quote.

Calculate from reserves and include fees.

Estrutura de mercado

A pool equation makes the execution price depend on the size of the trade relative to available reserves.

História cripto

Fundraising, token rights and paid distribution became tightly connected.

Estrutura de mercado

The chain and contract or mint establish which token is being discussed.

Estrutura de mercado

Profitable positions are reduced when the venue cannot absorb another account's deficit.