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Maximizing Extractable Value from Automated Market Makers
arXiv - CS - Computational Engineering, Finance, and Science Pub Date : 2021-06-02 , DOI: arxiv-2106.01870
Massimo Bartoletti, James Hsin-yu Chiang, Alberto Lluch-Lafuente

Automated Market Makers (AMMs) are decentralized applications that allow users to exchange crypto-tokens without the need to find a matching exchange order. AMMs are one of the most successful DeFi use case so far, as the main AMM platforms UniSwap and Balancer process a daily volume of transactions worth billions of dollars. Despite this success story, AMMs are well-known to suffer from transaction-ordering issues: indeed, adversaries can frontrun user transactions to increase their gain to the detriment of honest users. Being specifically designated to arrange user transactions into blocks, miners can easily play the role of adversary, by suitably selecting and ordering transactions - and possibly inserting their own - to increase their gain. In this paper we formally characterize rational miners as players which follow an optimal strategy in the mining game. We identify relevant variants of the game, corresponding to specific real-world constraints that a miner might have. We devise effective procedures to construct solutions to mining game, both in its most general form and in some relevant variants. Most notably, miners can exploit these solutions to maximize the value extracted from user transactions.

中文翻译:

最大化自动化做市商的可提取价值

自动做市商 (AMM) 是去中心化的应用程序,允许用户交换加密代币而无需找到匹配的交换订单。AMM 是迄今为止最成功的 DeFi 用例之一,因为主要的 AMM 平台 UniSwap 和 Balancer 每天处理价值数十亿美元的交易。尽管有这样的成功故事,众所周知,AMM 存在交易排序问题:实际上,攻击者可以抢先用户交易以增加他们的收益,从而损害诚实用户的利益。矿工被专门指定将用户交易安排到区块中,通过适当地选择和排序交易 - 并可能插入他们自己的交易 - 以增加他们的收益,矿工可以轻松扮演对手的角色。在本文中,我们正式将理性矿工描述为在挖矿博弈中遵循最优策略的玩家。我们确定了游戏的相关变体,对应于矿工可能具有的特定现实世界的限制。我们设计了有效的程序来构建挖矿游戏的解决方案,包括最通用的形式和一些相关的变体。最值得注意的是,矿工可以利用这些解决方案来最大化从用户交易中提取的价值。
更新日期:2021-06-04
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