00000nam 2200000zi 4500 9.944008 CaOODSP 20251202083716 m o d f cr mn||||||||| 241010t20242024onca ob f000 0 eng d CaOODSP eng rda CaOODSP eng eng fre FB3-6/2024-12E-PDF Ho, Annetta, author. The ecology of automated market makers / by Annetta Ho, Cosmin Cazan and Andrew Schrumm. [Ottawa] : Bank of Canada = Banque du Canada, 2024. ©2024 1 online resource (55 pages) : illustrations (chiefly colour). text txt rdacontent computer c rdamedia online resource cr rdacarrier Staff discussion paper = Document d'analyse du personnel, 1914-0568 ; 2024-12 ISSN assigned to different series. "Last updated: July 11, 2024." Includes bibliographical references (pages 53-55). "This paper describes the ecology of automated market makers (AMMs), which are the most popular decentralized exchange model for the pricing and trading of crypto assets within decentralized finance. We use blockchain data to identify trends in user adoption and trading volumes of AMMs. Given the range of AMMs available and the diversity of their designs, we perform case studies on four platforms—Uniswap, Curve, Sushiswap and Balancer—to represent the AMM market. We describe the designs of these four AMMs in terms of their products or services, governance, incentives for participation and risks. Finally, we describe the characteristics of AMMs that require considerations with respect to the application of a regulatory framework to AMMs. Findings are presented for information and do not represent any formal legal analysis or opinion"--Abstract, page ii. Includes abstracts in English and French. Cryptocurrencies. Electronic trading of securities. Blockchains (Databases) Cryptomonnaie. Valeurs mobilières Commerce électronique. Chaînes de blocs. Bank of Canada, issuing body. Staff discussion paper (Bank of Canada) 2024-12. (CaOODSP)9.806273 PDF 1.76 MB https://publications.gc.ca/collections/collection_2024/banque-bank-canada/FB3-6-2024-12-eng.pdf