AMM
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Related Articles from SNS
Cost of Manipulation in AMM-Based Oracles
arXiv:2606.03548v1 Announce Type: new Abstract: We study the robustness of AMM-based on-chain price oracles to strategic manipulation. An attacker trades against constant product automated market makers (CPMMs) to distort an on-chain oracle, arbitrageurs restore cross-pool and cross-venue consistency, and an oracle designer chooses how to aggregate pool quotes. Taking an efficient-market-hypothesis (EMH) view of the off-chain "true" price, we define the \emph{cost of manipulation} as the...
Physics-Guided Sequence-Based Generative Framework for Acoustic Metamaterial Inverse Design
arXiv:2606.09266v1 Announce Type : new Abstract: Acoustic metamaterial (AMM) inverse design is particularly challenging for broadband target responses due to acoustic dispersion: a structure that matches the desired response at one frequency may deviate at others, and modifying geometry to improve one sub-band often perturbs neighboring sub-bands. Yet existing broadband inverse-design approaches are either constrained by predefined templates, or rely on image representations that fail to...
A formal framework for the economic security of DeFi compositions
arXiv:2606.05418v1 Announce Type: new Abstract: Decentralized Finance (DeFi) services are usually constructed by composing a variety of smart contracts. While composability is a key driver of the success of DeFi, it also creates security risks: adversaries may exploit interactions between newly deployed contracts and the pre-existing ones to inflict economic losses. We introduce MEV non-interference, a formal security notion for DeFi composability requiring that the maximal extractable value...
The Privacy Subsidy in Continuous-Time Kyle: Cumulative Welfare under Noise-Perturbed Order-Flow Observation
Announce Type: replace Abstract: We extend the closed-form privacy-subsidy result of Nakamura~(2026, arXiv:2605.15746) from the single-period Kyle model to continuous-time. A committed Bayesian automated market maker observes the aggregate order flow perturbed by an independent Brownian privacy channel of diffusion intensity $\sigma_\varepsilon$. Under the Markovian linear equilibrium, the price-impact coefficient is $\lambda = \sigma_v / \sqrt{\sigma_u^2 + \sigma_\varepsilon^2}$ -- constant...
The Privacy Subsidy: Kyle's $\lambda$ under Noise-Perturbed Order-Flow Observation
arXiv:2605.15746v5 Announce Type: replace Abstract: Privacy-preserving cryptocurrency exchanges alter what the pricing mechanism observes about order flow. We derive the unique linear Kyle equilibrium when a committed Bayesian market maker observes order flow perturbed by independent Gaussian privacy noise. The price-impact coefficient and informed-trader strategy rescale by reciprocal factors of the privacy parameter (one down, one up), so their product is invariant.