{"id":"https://openalex.org/W3201672195","doi":"https://doi.org/10.1145/3464967.3488590","title":"Concentrated Liquidity in Automated Market Makers","display_name":"Concentrated Liquidity in Automated Market Makers","publication_year":2021,"publication_date":"2021-11-13","ids":{"openalex":"https://openalex.org/W3201672195","doi":"https://doi.org/10.1145/3464967.3488590","mag":"3201672195"},"language":"en","primary_location":{"id":"doi:10.1145/3464967.3488590","is_oa":false,"landing_page_url":"https://doi.org/10.1145/3464967.3488590","pdf_url":null,"source":null,"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Proceedings of the 2021 ACM CCS Workshop on Decentralized Finance and Security","raw_type":"proceedings-article"},"type":"preprint","indexed_in":["arxiv","crossref","datacite"],"open_access":{"is_oa":true,"oa_status":"green","oa_url":"https://arxiv.org/pdf/2110.01368","any_repository_has_fulltext":true},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5030443013","display_name":"Robin Fritsch","orcid":"https://orcid.org/0009-0006-3123-1735"},"institutions":[{"id":"https://openalex.org/I35440088","display_name":"ETH Zurich","ror":"https://ror.org/05a28rw58","country_code":"CH","type":"education","lineage":["https://openalex.org/I2799323385","https://openalex.org/I35440088"]}],"countries":["CH"],"is_corresponding":true,"raw_author_name":"Robin Fritsch","raw_affiliation_strings":["ETH Z\u00fcrich, Z\u00fcrich, Switzerland","ETH Z\u00fcrich"],"affiliations":[{"raw_affiliation_string":"ETH Z\u00fcrich, Z\u00fcrich, Switzerland","institution_ids":["https://openalex.org/I35440088"]},{"raw_affiliation_string":"ETH Z\u00fcrich","institution_ids":["https://openalex.org/I35440088"]}]}],"institutions":[],"countries_distinct_count":1,"institutions_distinct_count":1,"corresponding_author_ids":["https://openalex.org/A5030443013"],"corresponding_institution_ids":["https://openalex.org/I35440088"],"apc_list":null,"apc_paid":null,"fwci":0.8866,"has_fulltext":false,"cited_by_count":3,"citation_normalized_percentile":{"value":0.85304643,"is_in_top_1_percent":false,"is_in_top_10_percent":false},"cited_by_percentile_year":{"min":89,"max":94},"biblio":{"volume":null,"issue":null,"first_page":"15","last_page":"20"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T11674","display_name":"Sports Analytics and Performance","score":0.9994999766349792,"subfield":{"id":"https://openalex.org/subfields/2002","display_name":"Economics and Econometrics"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T11674","display_name":"Sports Analytics and Performance","score":0.9994999766349792,"subfield":{"id":"https://openalex.org/subfields/2002","display_name":"Economics and Econometrics"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T11161","display_name":"Consumer Market Behavior and Pricing","score":0.9973999857902527,"subfield":{"id":"https://openalex.org/subfields/1406","display_name":"Marketing"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T11182","display_name":"Auction Theory and Applications","score":0.9966999888420105,"subfield":{"id":"https://openalex.org/subfields/1803","display_name":"Management Science and Operations Research"},"field":{"id":"https://openalex.org/fields/18","display_name":"Decision Sciences"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/market-liquidity","display_name":"Market liquidity","score":0.9359848499298096},{"id":"https://openalex.org/keywords/liquidity-crisis","display_name":"Liquidity crisis","score":0.6094623804092407},{"id":"https://openalex.org/keywords/market-impact","display_name":"Market impact","score":0.55078125},{"id":"https://openalex.org/keywords/business","display_name":"Business","score":0.5395160913467407},{"id":"https://openalex.org/keywords/accounting-liquidity","display_name":"Accounting liquidity","score":0.4922555983066559},{"id":"https://openalex.org/keywords/algorithmic-trading","display_name":"Algorithmic trading","score":0.4635984003543854},{"id":"https://openalex.org/keywords/liquidity-premium","display_name":"Liquidity premium","score":0.4533703327178955},{"id":"https://openalex.org/keywords/liquidity-risk","display_name":"Liquidity risk","score":0.44376638531684875},{"id":"https://openalex.org/keywords/monetary-economics","display_name":"Monetary economics","score":0.41288453340530396},{"id":"https://openalex.org/keywords/financial-economics","display_name":"Financial economics","score":0.3772713243961334},{"id":"https://openalex.org/keywords/economics","display_name":"Economics","score":0.35578036308288574},{"id":"https://openalex.org/keywords/market-microstructure","display_name":"Market microstructure","score":0.3110126852989197},{"id":"https://openalex.org/keywords/order","display_name":"Order (exchange)","score":0.2692505121231079},{"id":"https://openalex.org/keywords/finance","display_name":"Finance","score":0.1920977532863617}],"concepts":[{"id":"https://openalex.org/C183582576","wikidata":"https://www.wikidata.org/wiki/Q184783","display_name":"Market liquidity","level":2,"score":0.9359848499298096},{"id":"https://openalex.org/C176923680","wikidata":"https://www.wikidata.org/wiki/Q3002739","display_name":"Liquidity crisis","level":3,"score":0.6094623804092407},{"id":"https://openalex.org/C127288500","wikidata":"https://www.wikidata.org/wiki/Q1241055","display_name":"Market impact","level":4,"score":0.55078125},{"id":"https://openalex.org/C144133560","wikidata":"https://www.wikidata.org/wiki/Q4830453","display_name":"Business","level":0,"score":0.5395160913467407},{"id":"https://openalex.org/C204468989","wikidata":"https://www.wikidata.org/wiki/Q1827667","display_name":"Accounting liquidity","level":4,"score":0.4922555983066559},{"id":"https://openalex.org/C78508483","wikidata":"https://www.wikidata.org/wiki/Q139445","display_name":"Algorithmic trading","level":2,"score":0.4635984003543854},{"id":"https://openalex.org/C190896228","wikidata":"https://www.wikidata.org/wiki/Q6557509","display_name":"Liquidity premium","level":4,"score":0.4533703327178955},{"id":"https://openalex.org/C189259953","wikidata":"https://www.wikidata.org/wiki/Q1042259","display_name":"Liquidity risk","level":3,"score":0.44376638531684875},{"id":"https://openalex.org/C556758197","wikidata":"https://www.wikidata.org/wiki/Q580018","display_name":"Monetary economics","level":1,"score":0.41288453340530396},{"id":"https://openalex.org/C106159729","wikidata":"https://www.wikidata.org/wiki/Q2294553","display_name":"Financial economics","level":1,"score":0.3772713243961334},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.35578036308288574},{"id":"https://openalex.org/C51926234","wikidata":"https://www.wikidata.org/wiki/Q3312426","display_name":"Market microstructure","level":3,"score":0.3110126852989197},{"id":"https://openalex.org/C182306322","wikidata":"https://www.wikidata.org/wiki/Q1779371","display_name":"Order (exchange)","level":2,"score":0.2692505121231079},{"id":"https://openalex.org/C10138342","wikidata":"https://www.wikidata.org/wiki/Q43015","display_name":"Finance","level":1,"score":0.1920977532863617}],"mesh":[],"locations_count":5,"locations":[{"id":"doi:10.1145/3464967.3488590","is_oa":false,"landing_page_url":"https://doi.org/10.1145/3464967.3488590","pdf_url":null,"source":null,"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Proceedings of the 2021 ACM CCS Workshop on Decentralized Finance and Security","raw_type":"proceedings-article"},{"id":"pmh:oai:arXiv.org:2110.01368","is_oa":true,"landing_page_url":"http://arxiv.org/abs/2110.01368","pdf_url":"https://arxiv.org/pdf/2110.01368","source":{"id":"https://openalex.org/S4306400194","display_name":"arXiv (Cornell University)","issn_l":null,"issn":null,"is_oa":true,"is_in_doaj":false,"is_core":false,"host_organization":"https://openalex.org/I205783295","host_organization_name":"Cornell University","host_organization_lineage":["https://openalex.org/I205783295"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"text"},{"id":"mag:3202002809","is_oa":false,"landing_page_url":"https://ideas.repec.org/p/arx/papers/2110.01368.html","pdf_url":null,"source":{"id":"https://openalex.org/S4306401271","display_name":"RePEc: Research Papers in Economics","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"host_organization":"https://openalex.org/I77793887","host_organization_name":"Federal Reserve Bank of St. Louis","host_organization_lineage":["https://openalex.org/I77793887"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"RePEc: Research Papers in Economics","raw_type":null},{"id":"pmh:oai:RePEc:arx:papers:2110.01368","is_oa":false,"landing_page_url":null,"pdf_url":null,"source":{"id":"https://openalex.org/S4306401271","display_name":"RePEc: Research Papers in Economics","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"host_organization":"https://openalex.org/I77793887","host_organization_name":"Federal Reserve Bank of St. Louis","host_organization_lineage":["https://openalex.org/I77793887"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"preprint"},{"id":"doi:10.48550/arxiv.2110.01368","is_oa":true,"landing_page_url":"https://doi.org/10.48550/arxiv.2110.01368","pdf_url":null,"source":{"id":"https://openalex.org/S4306400194","display_name":"arXiv (Cornell University)","issn_l":null,"issn":null,"is_oa":true,"is_in_doaj":false,"is_core":false,"host_organization":"https://openalex.org/I205783295","host_organization_name":"Cornell University","host_organization_lineage":["https://openalex.org/I205783295"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":null,"is_accepted":false,"is_published":null,"raw_source_name":null,"raw_type":"article-journal"}],"best_oa_location":{"id":"pmh:oai:arXiv.org:2110.01368","is_oa":true,"landing_page_url":"http://arxiv.org/abs/2110.01368","pdf_url":"https://arxiv.org/pdf/2110.01368","source":{"id":"https://openalex.org/S4306400194","display_name":"arXiv (Cornell University)","issn_l":null,"issn":null,"is_oa":true,"is_in_doaj":false,"is_core":false,"host_organization":"https://openalex.org/I205783295","host_organization_name":"Cornell University","host_organization_lineage":["https://openalex.org/I205783295"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"text"},"sustainable_development_goals":[{"display_name":"Partnerships for the goals","score":0.5299999713897705,"id":"https://metadata.un.org/sdg/17"}],"awards":[],"funders":[],"has_content":{"grobid_xml":false,"pdf":false},"content_urls":null,"referenced_works_count":9,"referenced_works":["https://openalex.org/W2120832833","https://openalex.org/W2986978885","https://openalex.org/W3012860128","https://openalex.org/W3110864180","https://openalex.org/W3124816035","https://openalex.org/W3177463018","https://openalex.org/W3177863562","https://openalex.org/W3189942387","https://openalex.org/W4288079488"],"related_works":["https://openalex.org/W2913704214","https://openalex.org/W3121729798","https://openalex.org/W2322488998","https://openalex.org/W2266588756","https://openalex.org/W1604487813","https://openalex.org/W3045424295","https://openalex.org/W1961753553","https://openalex.org/W2181771037","https://openalex.org/W1702054065","https://openalex.org/W2900483702","https://openalex.org/W3099582775","https://openalex.org/W817612075","https://openalex.org/W1481017005","https://openalex.org/W3121316765","https://openalex.org/W2361261701","https://openalex.org/W2889323126","https://openalex.org/W1608596824","https://openalex.org/W3122710720","https://openalex.org/W3123359020","https://openalex.org/W3026785392"],"abstract_inverted_index":{"We":[0,55],"examine":[1],"how":[2],"the":[3,10,41],"introduction":[4],"of":[5,43,46],"concentrated":[6,48],"liquidity":[7,11,27,49],"has":[8],"changed":[9],"provision":[12],"market":[13,16,70],"in":[14],"automated":[15],"makers":[17],"such":[18],"as":[19],"Uniswap.":[20],"To":[21],"this":[22],"end,":[23],"we":[24,39],"compare":[25],"average":[26],"provider":[28],"returns":[29,59],"from":[30],"trading":[31,67],"fees":[32],"before":[33],"and":[34,60,69],"after":[35],"its":[36],"introduction.":[37],"Furthermore,":[38],"quantify":[40],"performance":[42],"a":[44],"number":[45],"fundamental":[47],"strategies":[50],"using":[51],"historical":[52],"trade":[53],"data.":[54],"estimate":[56],"their":[57],"possible":[58],"evaluate":[61],"which":[62],"perform":[63],"best":[64],"for":[65],"certain":[66],"pairs":[68],"conditions.":[71]},"counts_by_year":[{"year":2024,"cited_by_count":1},{"year":2023,"cited_by_count":1},{"year":2021,"cited_by_count":1}],"updated_date":"2026-03-20T23:20:44.827607","created_date":"2025-10-10T00:00:00"}
