Decentralized Exchanges (DEXs) are new types of marketplaces leveraging Blockchain technology. They allow users to trade assets with Automatic Market Makers (AMM), using funds provided by liquidity providers, removing the need for order books. One such DEX, Uniswap v3, allows liquidity providers to allocate funds more efficiently by specifying an active price interval for their funds. This introduces the problem of finding an optimal strategy for choosing price intervals. We formalize this problem as an online learning problem with non-stochastic rewards. We use regret-minimization methods to show a liquidity provision strategy that guarantees a lower bound on the reward. This is true even for non-stochastic changes to asset pricing, and we express this bound in terms of the trading volume.
翻译:分散化交易所(DEXs)是利用链锁技术的新型市场。它们允许用户利用流动资金提供者提供的资金与自动市场制造商(AMM)进行资产交易,从而消除了对订单簿的需求。其中一个DEX(Uniswap v3)允许流动资金提供者通过为其资金指定一个活跃的价格间隔来更有效地分配资金。这带来了寻找最佳价格间隔选择战略的问题。我们将此问题正式确定为非随机性奖励的在线学习问题。我们使用遗憾最小化方法来展示流动性提供战略,保证较低的收益约束。即使是资产定价的非随机性变化也是如此,我们用交易量来表达这一点。