References and resources

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  • [BlackScholes73] F Black, M Scholes: “The Pricing of Options and Corporate Liabilities” (The Journal of Political Economy, 1973) url pdf
  • [Merton73] R Merton: “Theory of Rational Option Pricing” (The Bell Journal of Economics and Management Science, 1973) url pdf
  • [Glosten94] L Glosten: “Is the Electronic Open Limit Order Book Inevitable?" (The Journal of Finance, 1994) url pdf
  • [Derman99] E Derman, K Demeterfi, M Kamal and J Zou: “A Guide to Volatility and Variance Swaps” (The Journal of Derivatives, 1999) url pdf
  • [Abernethy10] J Abernethy, Y Chen, JW Vaughan: “An Optimization-Based Framework for Automated Market-Making” (arXiv, 2010) url pdf
  • [Othman10] A Othman, T Sandholm: “Automated market-making in the large: the gates hillman prediction market” (Proceedings of the 11th ACM conference on Electronic commerce, 2010) url pdf
  • [Othman12] A Othman: “Automated Market Making: Theory and Practice (PhD Thesis)" (Carnegy Mellon, 2012) url pdf
  • [Othman13] A Othman, D Pennock, D Reeves, T Sandholm: “A Practical Liquidity-Sensitive Automated Market Maker” (ACM Transactions on Economics and Computation, 2013) url pdf
  • [Buterin17] V Buterin: “On Path Independence” (Private, 2017) url pdf
  • [Buterin17b] V Buterin: “Let’s run on-chain decentralized exchanges the way we run prediction markets” (Reddit, 2017) url pdf
  • [Hertzog17] E Hertzog, G Benartzi, G Benartzi: “Continuous Liquidity and Asynchronous Price Discovery for Tokens through their Smart Contracts; aka “Smart Tokens”" (Bancor, 2017) url pdf
  • [Lu17] A Lu: “Building a Decentralized Exchange in Ethereum” (Medium, 2017) url pdf
  • [Buterin18] V Buterin: “Improving front running resistance of x*y=k market makers” (Private, 2018) url pdf
  • [Hertzog18] E Hertzog, G Benartzi, G Benartzi, O Ross: “Bancor Protocol - Continuous Liquidity for Cryptographic Tokens through their Smart Contracts” (Bancor, 2018) url pdf
  • [Zargham18] M Zargham, Z Zhang, V Preciado: “A State-Space Modeling Framework for Engineering Blockchain-Enabled Economic Systems” (Arxiv, 2018) url pdf
  • [Adams19] H Adams: “Uniswap Birthday Blog — V0” (Uniswap, 2019) url pdf
  • [Daian19] P Daian, S Goldfeder, T Kell, Y Li, X Zhao, I Bentov, L Breidenbach, A Juels: “Flash Boys 2.0: Frontrunning, Transaction Reordering, and Consensus Instability in Decentralized Exchanges” (Arxiv, 2019) url pdf
  • [DiMaggio19] M Di Maggio: “Survey of Automated Market Making Algorithms” (Medium, 2019) url pdf
  • [Egorov19] M Egorov: “StableSwap - a efficient mechanism for Stablecoin liquidity” (Curve, 2019) url pdf
  • [Kereiakes19] E Kereiakes, D Kwon, M Di Maggio, N Platias: “Terra Money: Stability and Adoption” (Terra, 2019) url pdf
  • [Martinelli19] F Martinelli, N Mushegian: “Balancer Whitepaper” (Balancer, 2019) url pdf
  • [Pintail19] Pintail: “Uniswap: A Good Deal for Liquidity Providers?" (Medium, 2019) url pdf
  • [Angeris20] G Angeris, A Evans, T Chitra: “When does the tail wag the dog? Curvature and market making” (Arxiv, 2020) url pdf
  • [Angeris20a] G Angeris, T Chitra: “Improved Price Oracles” (Proceedings of the 2nd ACM Conference on Advances in Financial Technologies, 2020) url pdf
  • [Bukov20] A Bukov, M Melnik: “Mooniswap by 1inch exchange)" (1inch, 2020) url pdf
  • [Clark20] J Clark: “The Replicating Portfolio of a Constant Product Market” (SSRN, 2020) url pdf
  • [Dodo20] DODO Team: “Why There is No Impermanent Loss on DODO” (DODOex, 2020) url pdf
  • [Dodo20a] DODO Team: “Introducing DODO: 10x Better Liquidity than Uniswap” (DODOex, 2020) url pdf
  • [Feito20] A Feito: “A stablecoin exchange” (Curve, 2020) url pdf
  • [KPMG20] KPMG: “Automated Market Makers - Innovations, Challenges, Prospects” (KPMG, 2020) url pdf
  • [Loesch20] S Loesch, N Hindman: “Bancor Protocol v2.1 - Economic and Quantitative Finance Analysis” (Private, 2020) url pdf
  • [Lyons20] R Lyons, G Viswanath-Natraj: “What keeps stable coins stable?" (NBER, 2020) url pdf
  • [Michael20] Michael: “Amplified Liquidity: Designing Capital Efficient Automated Market Makers in Bancor V2” (Bancor, 2020) url pdf
  • [Niemerg20] A Niemerg, D Robinson, L Livnev: “YieldSpace: An Automated Liquidity Provider for Fixed Yield Tokens” (Yield, 2020) url pdf
  • [Noyes20] C Noyes: “Liquidity Provider Wealth” (Paradigm, 2020) url pdf
  • [THORChain20] THORChain Team: “THORChain - A decentralized liquidity network” (THOrChain, 2020) url pdf
  • [Tassy20] M Tassy, D White: “Growth rate of a liquidity provider’s wealth in xy=c automated market makers” (Private, 2020) url pdf
  • [Zhang20] D Zhang: “Curve.fi 101 — How it works and its meteoric rise” (Private, 2020) url pdf
  • [Adams21] Hayden Adams and Noah Zinsmeister and Moody Salem and River Keefer and Dan Robinson: “Uniswap v3 Core” (Uniswap, 2021) url pdf
  • [Angeris21] G Angeris, A Agrawal, A Evans, T Chitra, S Boyd: “Constant Function Market Makers: Multi-Asset Trades via Convex Optimization” (Arxiv, 2021) url pdf
  • [Angeris21a] G Angeris, A Evans, T Chitra: “Replicating Market Makers” (Arxiv, 2021) url pdf
  • [Angeris21b] G Angeris, A Evans, T Chitra: “A Note on Privacy in Constant Function Market Makers” (Arxiv, 2021) url pdf
  • [Angeris21c] G Angeris, H Kao, R Chiang, C Noyes, T Chitra: “An analysis of Uniswap markets” (Arxiv, 2021) url pdf
  • [Angeris21d] G Angeris, A Evans, T Chitra: “Replicating Monotonic Payoffs Without Oracles” (Arxiv, 2021) url pdf
  • [Clark21] J Clark: “A deconstructed constant product market” (SSRN, 2021) url pdf
  • [Dodo21] DODO Team: “DODO - A Next-Generation On-Chain Liquidity Provider Powered by Pro-active Market Maker Algorithm” (DODOex, 2021) url pdf
  • [Egorov21] M Egorov: “Automatic market-making with dynamic peg” (Curve, 2021) url pdf
  • [Evans21] A Evans, G Angeris, T Chitra: “Optimal Fees for Geometric Mean Market Makers” (Arxiv, 2021) url pdf
  • [Falakshahi21] H Falakshahi, M Mariapragassam, R Ajaja: “Automated Market Making with Synchronized Liquidity Pools” (SSRN, 2021) url pdf
  • [Grove21] C Grove: “Price Formulation of CFMMs” (Private, 2021) url pdf
  • [Lambert21] G Lambert: “Understanding the Value of Uniswap v3 Liquidity Positions” (Medium, 2021) url pdf
  • [Loesch21] S Loesch, N Hindman, MB Richardson, N Welch: “Impermanent Loss in Uniswap v3” (Arxiv, 2021) url pdf
  • [Mota21] M Mota: “Understanding StableSwap” (Private, 2021) url pdf
  • [Nguyen21] A Nguyen, L Luu, M Ng: “Dynamic Automated Market Making” (Kyber, 2021) url pdf
  • [Onomy21] Onomy Protocol: “An Analysis of Automated Market Makers vs. Order Books” (Onomy, 2021) url pdf
  • [Platypus21] Platypus Team: “Platypus AMM Technical Specification” (Platypus, 2021) url pdf
  • [Tassy21] M Tassy: “A different view at AMMs” (Private, 2021) url pdf
  • [Tassy21a] M Tassy: “From Uniswap to option AMMs (Part I): A different view at AMMs” (Private, 2021) url pdf
  • [Lambert22] G Lambert: “How to deploy delta-neutral liquidity in Uniswap” (Medium, 2022) url pdf
  • [Element22] Element: “The Element Protocol Construction Paper” (Element, Undated) url pdf
  • [Hull] J Hull: “Options, Futures, and Other Derivatives” (Pearson, 2018) url pdf
  • [Loesch] S Loesch: “A Guide to Financial Regulation for Fintech Entrepreneurs” (Wiley, 2018) url pdf
  • [Pyndick-Rubinfeld] R Pyndick, D Rubinfeld: “Microeconomics” (Pearson, 2018) url pdf