SPEEDEX is a decentralized exchange (DEX) that lets participants securely trade assets without giving any single party undue control over the market. SPEEDEX offers several advantages over prior DEXes. It achieves high throughput -- over 200,000 transactions per second on 48-core servers, even with tens of millions of open offers. SPEEDEX runs entirely within a Layer-1 blockchain, and thus achieves its scalability without fragmenting market liquidity between multiple blockchains or rollups. It eliminates internal arbitrage opportunities, so that a direct trade from asset $A$ to $B$ always receives as good a price as trading through some third asset such as USD. Finally, it prevents front-running attacks that would otherwise increase the effective bid-ask spread for small traders. SPEEDEX's key design insight is its use of an Arrow-Debreu exchange market structure that fixes the valuation of assets for all trades in a given block of transactions. We construct an algorithm that is both asymptotically efficient and empirically practical that computes these valuations while exactly preserving a DEX's financial correctness constraints. Not only does this market structure provide fairness across trades, but it also makes trade operations commutative and hence efficiently parallelizable. SPEEDEX is scheduled for deployment within one of the largest Layer-1 blockchains this year.

翻译：SPEEDEX是一个分散的交易所(DEX),它使参与者能够安全地交易资产,而不会给任何单一方对市场的不当控制。SPEEDEX提供了比先前的DEX公司更多的优势。它实现了很高的输送量 -- -- 48个核心服务器每秒超过20万次交易,甚至有数千万份公开报价。SPEEDEX完全在一层层-一层的供应链内运作,从而实现了其可扩展性,而没有将市场流动性分散在多个块或滚动之间。它消除了内部套利机会,这样,资产从1美元到1美元的直接交易总是像通过诸如美元等三分之一的资产交易得到好的价格。最后,它防止了前期袭击,否则会增加小贸易商的有效出价-卡扩散。SPEDEX公司的主要设计洞察力是使用一个箭头-Debreu的交换市场结构,该结构固定了对某一块交易中所有交易的资产的估值。我们构建一种算法,既简单又符合实际操作性,既能进行这些估价,同时又完全维护DEX公司最大的交易结构内部的公平性,也使贸易结构得以纠正。