{"id":"https://openalex.org/W4383557803","doi":"https://doi.org/10.1145/3580507.3597720","title":"Axioms for Constant Function Market Makers","display_name":"Axioms for Constant Function Market Makers","publication_year":2023,"publication_date":"2023-07-07","ids":{"openalex":"https://openalex.org/W4383557803","doi":"https://doi.org/10.1145/3580507.3597720"},"language":"en","primary_location":{"id":"doi:10.1145/3580507.3597720","is_oa":false,"landing_page_url":"https://doi.org/10.1145/3580507.3597720","pdf_url":null,"source":null,"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Proceedings of the 24th ACM Conference on Economics and Computation","raw_type":"proceedings-article"},"type":"article","indexed_in":["crossref"],"open_access":{"is_oa":false,"oa_status":"closed","oa_url":null,"any_repository_has_fulltext":false},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5068000434","display_name":"Jan Christoph Schlegel","orcid":"https://orcid.org/0000-0002-8385-8349"},"institutions":[{"id":"https://openalex.org/I180825142","display_name":"City, University of London","ror":"https://ror.org/04489at23","country_code":"GB","type":"education","lineage":["https://openalex.org/I124357947","https://openalex.org/I180825142"]}],"countries":["GB"],"is_corresponding":true,"raw_author_name":"Jan Christoph Schlegel","raw_affiliation_strings":["Department of Economics, City, University of London, London, United Kingdom"],"raw_orcid":"https://orcid.org/0000-0002-8385-8349","affiliations":[{"raw_affiliation_string":"Department of Economics, City, University of London, London, United Kingdom","institution_ids":["https://openalex.org/I180825142"]}]},{"author_position":"middle","author":{"id":"https://openalex.org/A5005079203","display_name":"Mateusz Kwa\u015bnicki","orcid":"https://orcid.org/0000-0003-3896-8124"},"institutions":[{"id":"https://openalex.org/I11923345","display_name":"Wroc\u0142aw University of Science and Technology","ror":"https://ror.org/008fyn775","country_code":"PL","type":"education","lineage":["https://openalex.org/I11923345"]},{"id":"https://openalex.org/I686019","display_name":"AGH University of Krakow","ror":"https://ror.org/00bas1c41","country_code":"PL","type":"education","lineage":["https://openalex.org/I686019"]}],"countries":["PL"],"is_corresponding":false,"raw_author_name":"Mateusz Kwa\u015bnicki","raw_affiliation_strings":["Department of Pure Mathematics, Wroclaw University of Science and Technology, Wroc\u0142aw, Poland"],"raw_orcid":"https://orcid.org/0000-0003-3896-8124","affiliations":[{"raw_affiliation_string":"Department of Pure Mathematics, Wroclaw University of Science and Technology, Wroc\u0142aw, Poland","institution_ids":["https://openalex.org/I11923345","https://openalex.org/I686019"]}]},{"author_position":"last","author":{"id":"https://openalex.org/A5037971575","display_name":"Akaki Mamageishvili","orcid":"https://orcid.org/0000-0003-2179-7867"},"institutions":[],"countries":[],"is_corresponding":false,"raw_author_name":"Akaki Mamageishvili","raw_affiliation_strings":["Offchain Labs, Zurich, Switzerland"],"raw_orcid":"https://orcid.org/0000-0003-2179-7867","affiliations":[{"raw_affiliation_string":"Offchain Labs, Zurich, Switzerland","institution_ids":[]}]}],"institutions":[],"countries_distinct_count":2,"institutions_distinct_count":3,"corresponding_author_ids":["https://openalex.org/A5068000434"],"corresponding_institution_ids":["https://openalex.org/I180825142"],"apc_list":null,"apc_paid":null,"fwci":3.5874,"has_fulltext":false,"cited_by_count":10,"citation_normalized_percentile":{"value":0.93649236,"is_in_top_1_percent":false,"is_in_top_10_percent":true},"cited_by_percentile_year":{"min":89,"max":97},"biblio":{"volume":null,"issue":null,"first_page":"1079","last_page":"1079"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10270","display_name":"Blockchain Technology Applications and Security","score":0.9991000294685364,"subfield":{"id":"https://openalex.org/subfields/1710","display_name":"Information Systems"},"field":{"id":"https://openalex.org/fields/17","display_name":"Computer Science"},"domain":{"id":"https://openalex.org/domains/3","display_name":"Physical Sciences"}},"topics":[{"id":"https://openalex.org/T10270","display_name":"Blockchain Technology Applications and Security","score":0.9991000294685364,"subfield":{"id":"https://openalex.org/subfields/1710","display_name":"Information Systems"},"field":{"id":"https://openalex.org/fields/17","display_name":"Computer Science"},"domain":{"id":"https://openalex.org/domains/3","display_name":"Physical Sciences"}},{"id":"https://openalex.org/T13720","display_name":"Benford\u2019s Law and Fraud Detection","score":0.9370999932289124,"subfield":{"id":"https://openalex.org/subfields/2613","display_name":"Statistics and Probability"},"field":{"id":"https://openalex.org/fields/26","display_name":"Mathematics"},"domain":{"id":"https://openalex.org/domains/3","display_name":"Physical Sciences"}},{"id":"https://openalex.org/T11182","display_name":"Auction Theory and Applications","score":0.9146999716758728,"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/axiom","display_name":"Axiom","score":0.8071070909500122},{"id":"https://openalex.org/keywords/computer-science","display_name":"Computer science","score":0.6629937887191772},{"id":"https://openalex.org/keywords/constant","display_name":"Constant (computer programming)","score":0.5906362533569336},{"id":"https://openalex.org/keywords/invariant","display_name":"Invariant (physics)","score":0.5815507173538208},{"id":"https://openalex.org/keywords/function","display_name":"Function (biology)","score":0.5136948823928833},{"id":"https://openalex.org/keywords/simple","display_name":"Simple (philosophy)","score":0.446049302816391},{"id":"https://openalex.org/keywords/mathematical-economics","display_name":"Mathematical economics","score":0.41710755228996277},{"id":"https://openalex.org/keywords/mathematics","display_name":"Mathematics","score":0.14289391040802002},{"id":"https://openalex.org/keywords/programming-language","display_name":"Programming language","score":0.09996572136878967}],"concepts":[{"id":"https://openalex.org/C167729594","wikidata":"https://www.wikidata.org/wiki/Q17736","display_name":"Axiom","level":2,"score":0.8071070909500122},{"id":"https://openalex.org/C41008148","wikidata":"https://www.wikidata.org/wiki/Q21198","display_name":"Computer science","level":0,"score":0.6629937887191772},{"id":"https://openalex.org/C2777027219","wikidata":"https://www.wikidata.org/wiki/Q1284190","display_name":"Constant (computer programming)","level":2,"score":0.5906362533569336},{"id":"https://openalex.org/C190470478","wikidata":"https://www.wikidata.org/wiki/Q2370229","display_name":"Invariant (physics)","level":2,"score":0.5815507173538208},{"id":"https://openalex.org/C14036430","wikidata":"https://www.wikidata.org/wiki/Q3736076","display_name":"Function (biology)","level":2,"score":0.5136948823928833},{"id":"https://openalex.org/C2780586882","wikidata":"https://www.wikidata.org/wiki/Q7520643","display_name":"Simple (philosophy)","level":2,"score":0.446049302816391},{"id":"https://openalex.org/C144237770","wikidata":"https://www.wikidata.org/wiki/Q747534","display_name":"Mathematical economics","level":1,"score":0.41710755228996277},{"id":"https://openalex.org/C33923547","wikidata":"https://www.wikidata.org/wiki/Q395","display_name":"Mathematics","level":0,"score":0.14289391040802002},{"id":"https://openalex.org/C199360897","wikidata":"https://www.wikidata.org/wiki/Q9143","display_name":"Programming language","level":1,"score":0.09996572136878967},{"id":"https://openalex.org/C138885662","wikidata":"https://www.wikidata.org/wiki/Q5891","display_name":"Philosophy","level":0,"score":0.0},{"id":"https://openalex.org/C2524010","wikidata":"https://www.wikidata.org/wiki/Q8087","display_name":"Geometry","level":1,"score":0.0},{"id":"https://openalex.org/C37914503","wikidata":"https://www.wikidata.org/wiki/Q156495","display_name":"Mathematical physics","level":1,"score":0.0},{"id":"https://openalex.org/C78458016","wikidata":"https://www.wikidata.org/wiki/Q840400","display_name":"Evolutionary biology","level":1,"score":0.0},{"id":"https://openalex.org/C111472728","wikidata":"https://www.wikidata.org/wiki/Q9471","display_name":"Epistemology","level":1,"score":0.0},{"id":"https://openalex.org/C86803240","wikidata":"https://www.wikidata.org/wiki/Q420","display_name":"Biology","level":0,"score":0.0}],"mesh":[],"locations_count":1,"locations":[{"id":"doi:10.1145/3580507.3597720","is_oa":false,"landing_page_url":"https://doi.org/10.1145/3580507.3597720","pdf_url":null,"source":null,"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Proceedings of the 24th ACM Conference on Economics and Computation","raw_type":"proceedings-article"}],"best_oa_location":null,"sustainable_development_goals":[{"id":"https://metadata.un.org/sdg/17","display_name":"Partnerships for the goals","score":0.5199999809265137}],"awards":[],"funders":[],"has_content":{"grobid_xml":false,"pdf":false},"content_urls":null,"referenced_works_count":0,"referenced_works":[],"related_works":["https://openalex.org/W2753083100","https://openalex.org/W3198799031","https://openalex.org/W2090831035","https://openalex.org/W1584952351","https://openalex.org/W2081948323","https://openalex.org/W2927058411","https://openalex.org/W3005084276","https://openalex.org/W2156879229","https://openalex.org/W2803105815","https://openalex.org/W3124251996"],"abstract_inverted_index":{"One":[0],"of":[1,10,44,52,56,67,79,84,100,128,188],"the":[2,53,57,92,104,108,126],"first":[3],"and":[4,94,124,138,151,183],"so":[5,106],"far":[6],"most":[7],"successful":[8],"applications":[9,15],"Decentralized":[11],"Finance":[12],"(DeFi),":[13],"financial":[14],"run":[16],"on":[17,35],"permissionless":[18],"blockchains,":[19],"are":[20,27,61,172],"so-called":[21],"Automated":[22],"Market":[23,116],"Makers":[24,117],"(AMMs).":[25],"They":[26],"used":[28,48,176,197],"to":[29,76,91,120,130,156,167,184],"trade":[30],"cryptocurrencies":[31],"algorithmically":[32],"without":[33],"relying":[34],"a":[36,45],"custodian":[37],"or":[38,174],"trusted":[39],"third":[40],"party.":[41],"The":[42,159],"state":[43],"typical":[46],"AMM":[47],"in":[49,95,134,141,163,181,198],"DeFi":[50],"consists":[51],"current":[54],"inventories":[55,69],"traded":[58],"tokens.":[59],"Trades":[60],"made":[62],"such":[63],"that":[64,107,171],"some":[65],"invariant":[66,109],"these":[68,113,191],"is":[70,110],"kept":[71],"constant.":[72],"Traders":[73],"who":[74],"want":[75],"exchange":[77],"tokens":[78,83,90,102],"type":[80,86],"A":[81,89],"for":[82],"another":[85],"B,":[87],"add":[88],"inventory":[93,105],"return":[96],"obtain":[97],"an":[98,153],"amount":[99],"B":[101],"from":[103],"maintained.":[111],"While":[112],"Constant":[114],"Function":[115],"(CFMMs)":[118],"proved":[119],"be":[121],"very":[122],"popular":[123],"reliable,":[125],"construction":[127],"invariants":[129],"define":[131],"them":[132],"seems":[133],"many":[135],"ways":[136],"ad-hoc":[137],"not":[139],"founded":[140],"much":[142],"theory.":[143],"In":[144],"this":[145,149],"paper,":[146],"we":[147],"fill":[148],"gap":[150],"propose":[152],"axiomatic":[154,165],"approach":[155,160],"constructing":[157,178],"CFMMs.":[158],"is,":[161],"as":[162],"any":[164],"theory,":[166],"formalize":[168],"simple":[169],"principles":[170],"implicitly":[173],"explicitly":[175],"when":[177],"trading":[179],"functions":[180,189,195],"practice":[182],"check":[185],"which":[186],"classes":[187],"satisfy":[190],"principles,":[192],"beyond":[193],"those":[194],"already":[196],"practice.":[199]},"counts_by_year":[{"year":2025,"cited_by_count":3},{"year":2024,"cited_by_count":3},{"year":2023,"cited_by_count":2},{"year":2020,"cited_by_count":1},{"year":2018,"cited_by_count":1}],"updated_date":"2025-11-06T03:46:38.306776","created_date":"2025-10-10T00:00:00"}
