This paper explores the dynamics of Decentralized Finance (DeFi) within the Layer-2 ecosystem, focusing on Automated Market Makers (AMM) and arbitrage on Ethereum rollups. We observe significant shifts in trading activity from Ethereum to rollups, with swaps on rollups happening 2-3 times more often, though, with lower trade volume. By examining the price differences between AMMs and centralized exchanges, we discover over 0.5 million unexploited arbitrage opportunities on rollups. Remarkably, we observe that these opportunities last, on average, 10 to 20 blocks, requiring adjustments to the LVR metrics to avoid double-counting arbitrage. Our results show that arbitrage in Arbitrum, Base, and Optimism pools ranges from 0.03% to 0.05% of trading volume, while in zkSync Era it oscillates around 0.25%, with the LVR metric overestimating arbitrage by a factor of five. Rollups offer not only lower gas fees, but also provide faster block production, leading to significant differences compared to the trading and arbitrage dynamics of Ethereum.

翻译：本文探讨了Layer-2生态系统内的去中心化金融动态，重点关注以太坊Rollup上的自动化做市商与套利行为。我们观察到交易活动从以太坊向Rollup发生了显著转移，Rollup上的交换发生频率高出2-3倍，但交易量较低。通过研究AMM与中心化交易所之间的价格差异，我们在Rollup上发现了超过50万个未被利用的套利机会。值得注意的是，这些机会平均持续10到20个区块，因此需要对LVR指标进行调整以避免重复计算套利。我们的结果表明，Arbitrum、Base和Optimism池中的套利占交易量的0.03%至0.05%，而在zkSync Era中则围绕0.25%波动，LVR指标对套利的高估程度高达五倍。Rollup不仅提供更低的燃气费用，还提供更快的区块生成速度，这导致了与以太坊交易和套利动态相比的显著差异。