The proper design of automated market makers (AMMs) is crucial to enable the continuous trading of assets represented as digital tokens on markets of cryptoeconomic systems. Improperly designed AMMs can make such markets suffer from the thin market problem (TMP), which can cause cryptoeconomic systems to fail their purposes. We developed an AMM taxonomy that showcases AMM design characteristics. Based on the AMM taxonomy, we devised AMM archetypes implementing principal solution approaches for the TMP. The main purpose of this article is to support practitioners and researchers in tackling the TMP through proper AMM designs.
翻译:自动做市商(AMMs)的合理设计对于在加密经济系统市场中实现数字代币化资产的持续交易至关重要。设计不当的AMMs会导致市场出现薄市场问题(TMP),进而可能导致加密经济系统无法达成其目标。我们构建了一个展现AMM设计特征的分类体系,基于此分类体系提出了若干实现TMP核心解决方案的AMM原型。本文主要目的在于帮助实践者和研究者通过合理的AMM设计来应对薄市场问题。