去中心化交易所:加密货币交易的“狂野西部”

Angelo Aspris, Sean Foley, Jiri Svec, Leqi Wang
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引用次数: 31

摘要

加密货币在两种类型的交易所进行交易——集中式和分散式。虽然最大的加密货币的交易主要发生在集中的交易所,但大多数新发行的代币只能使用分散的平台进行交换。这些去中心化交易所(包括自动做市商)的交易量最近呈指数级增长。我们利用在去中心化平台上独家交易的大量代币样本,研究了这个新的、不受监管的市场的作用。我们显示了这些代币的上市和交易特征相对于其中心化等价物的显着差异。在样本期间,这些代币中的一小部分在集中交易所上市,这伴随着交易活动的显着增加,与市场细分一致。中心化上市导致交易量从去中心化平台转移,这表明代币持有者对更深入、更具流动性的市场的强烈偏好,而不是去中心化交易所提供的更高的安全性和匿名性。
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Decentralized Exchanges: The 'Wild West' of Cryptocurrency Trading
Abstract Cryptocurrencies are traded on two types of exchanges – centralized and decentralized. Although trading in the largest cryptocurrencies primarily occurs on centralized exchanges, most newly issued tokens can only be exchanged using decentralized platforms. Volumes in these decentralized exchanges (including automated market makers) has recently increased exponentially. We examine the role of this new and unmonitored market, utilizing an extensive sample of tokens exclusively traded on decentralized platforms. We show significant differences in the listing and trading characteristics of these tokens relative to their centralized equivalents. A small selection of these tokens obtain listing on a centralized exchange during the sample period, which is accompanied by a significant increase in trading activity, consistent with market segmentation. A centralized listing results in a migration of volume away from decentralized platforms, revealing a strong preference by tokenholders for deeper and more liquid markets over the increased security and anonymity offered by decentralized exchanges.
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