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金融工程研究中心学术报告：Equilibrium Liquidity Dynamics in Automated Market Maker
- 来源：
- 学校官网
- 收录时间：
- 2026-03-17 19:21:35
- 时间：
- 2025-12-18 16:00:00
- 地点：
- 览秀楼 105学术报告厅
- 报告人：
- 秦聪
- 学校：
- 苏州大学
- 关键词：
- Automated Market Maker, Decentralized Exchange, Liquidity Provision, Impermanent Loss, Blockchain, Fee Revenue, Volatility, Equilibrium Dynamics
- 简介：
- A decentralized exchange (DEX) facilitates trustless trading of digital assets via an Automated Market Maker (AMM), which operates on blockchain technology to eliminate intermediaries. In an AMM, liquidity providers earn passive income from transaction fees paid by liquidity takers and arbitrageurs but are exposed to impermanent loss upon withdrawal. The pro-rata sharing rule in v2 protocol implies that the marginal benefit of providing liquidity equals the average of the pool’s net present value. No entry and exit costs indicate that the marginal cost equals the current value of assets. Consequently, the equilibrium liquidity is dynamically determined by the tradeoff between this marginal benefit and cost. In particular, higher volatility translates into greater arbitrage trading volume and fee revenue, which incentivizes liquidity provision and leads to an expansion of the pool size — a prediction corroborated by empirical evidence.
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报告介绍：
A decentralized exchange (DEX) facilitates trustless trading of digital assets via an Automated Market Maker (AMM), which operates on blockchain technology to eliminate intermediaries. In an AMM, liquidity providers earn passive income from transaction fees paid by liquidity takers and arbitrageurs but are exposed to impermanent loss upon withdrawal. The pro-rata sharing rule in v2 protocol implies that the marginal benefit of providing liquidity equals the average of the pool’s net present value. No entry and exit costs indicate that the marginal cost equals the current value of assets. Consequently, the equilibrium liquidity is dynamically determined by the tradeoff between this marginal benefit and cost. In particular, higher volatility translates into greater arbitrage trading volume and fee revenue, which incentivizes liquidity provision and leads to an expansion of the pool size — a prediction corroborated by empirical evidence.
报告人介绍：
秦聪，上海财经大学金融学院
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