As an integral part of the decentralized finance (DeFi) ecosystem, decentralized exchanges (DEX) with automated market maker (AMM) protocols have gained massive traction with the recently revived interest in blockchain and distributed ledger technology (DLT) in general. Instead of matching the buy and sell sides, AMMs employ a peer-to-pool method and determine asset price algorithmically through a so-called conservation function. To facilitate the improvement and development of AMM-based DEX, we create the first systematization of knowledge in this area. We first establish a general AMM framework describing the economics and formalizing the system's state-space representation. We then employ our framework to systematically compare the top AMM protocols' mechanics, illustrating their conservation functions, as well as slippage and divergence loss functions. We further discuss security and privacy concerns, how they are enabled by AMM-based DEX's inherent properties, and explore mitigating solutions. Finally, we conduct a comprehensive literature review on related work covering both DeFi and conventional market microstructure.

翻译：作为分权金融(DeFi)生态系统的一个组成部分,与自动市场制造商(AMM)协议的分权交易所(DEX)与自动化市场制造商(AMM)协议的分散交易获得了巨大的牵引,最近对块链和分布式分类账技术(DLT)的兴趣在总体上重新抬头。AMM公司不是对买卖双方进行配对,而是采用同行对齐的方法,通过所谓的保护功能从逻辑上确定资产价格。为了促进基于AMM的DEX的改进和发展,我们创建了这一领域的第一个知识系统化。我们首先建立了一个描述经济的AMM总框架,并正式化了该系统的州-空间代表制。我们随后利用我们的框架系统地比较AMM协议的顶级机制,说明其保护功能以及滑坡和差异损失功能。我们进一步讨论了安全和隐私问题,如何利用以AMMDEX为基地的固有特性来促成这些关切,并探索缓解问题的解决办法。最后,我们对涉及DeFi和传统市场微观结构的相关工作进行了全面的文献审查。