An Analysis of Uniswap Markets

doi:10.21428/58320208.C9738E64

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An Analysis of Uniswap Markets

Published Nov 1, 2019 · Guillermo Angeris, Hsien-Tang Kao, Rei Chiang

ERN: Other Microeconomics: General Equilibrium & Disequilibrium Models of Financial Markets (Topic)

UNKNOWN SJR score

169

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11

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Abstract

Uniswap — and other constant product markets — appear to work well in practice despite their simplicity. In this paper, we give a simple formal analysis of constant product markets and their generalizations, showing that, under some common conditions, these markets must closely track the reference market price. We also show that Uniswap satisfies many other desirable properties and numerically demonstrate, via a large-scale agent-based simulation, that Uniswap is stable under a wide range of market conditions.

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Key takeawayUniswap markets closely track the reference market price and are stable under various market conditions, making them a viable and effective trading strategy.

PopulationOlder adults (50-71 years)

Sample size24

MethodsObservational

OutcomesBody Mass Index projections

ResultsSocial networks mitigate obesity in older groups.

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An Analysis of Uniswap Markets

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