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PropAMMs are eating DeFi - Quintus
In this episode of Deeply Intents I chat with Quintus from Flashbots. We discuss the current transaction supply chain and how PropAMMs fit in. Quintus provides fresh insights and a wealth of technical understanding around this new market micro structure. In particular, the ways in which the working processes of PropAMMs affect determinants of transaction costs, prices, quotes, volume, and trading behavior.
Timestamps
(00:00) - Revisiting Private Orderflow research
(03:12) - A machine that solves problems
(08:00) - Tx supply chain from the user's perspective
(11:55) - Blockchains have multiple sources of liquidity
(16:47) - Market Makers, AMMs, and liquidity
(19:26) - CEX-DEX arbitrage
(21:01) - Priority fee ordered chains
(22:52) - Prop AMMs solve 2 problems that AMMs had
(25:37) - The "Prop" in "Prop AMMs" stands for proprietary
(27:19) - Flow segmentation that happens
(29:14) - Why do market makers prefer prop AMMs?
(35:49) - How pAMMs impact the market micro structure
(37:58) - Barriers to entry in block building
(39:03) - Talking about takers and spoofing
(40:53) - ETH price discovery on Ethereum
(43:29) - How does pre-trade privacy impact execution
(45:01) - Closed source is silly
(46:34) - Onchain contracts as order types
(47:15) - Closing thoughts on PropAMMs & Ethereum
Disclaimer
Nothing in this episode should be interpreted as financial, technical, or legal advice. The host does contract work for Heliax, a public goods laboratory, focusing on Anoma.
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By AprioriIn this episode of Deeply Intents I chat with Quintus from Flashbots. We discuss the current transaction supply chain and how PropAMMs fit in. Quintus provides fresh insights and a wealth of technical understanding around this new market micro structure. In particular, the ways in which the working processes of PropAMMs affect determinants of transaction costs, prices, quotes, volume, and trading behavior.
Timestamps
(00:00) - Revisiting Private Orderflow research
(03:12) - A machine that solves problems
(08:00) - Tx supply chain from the user's perspective
(11:55) - Blockchains have multiple sources of liquidity
(16:47) - Market Makers, AMMs, and liquidity
(19:26) - CEX-DEX arbitrage
(21:01) - Priority fee ordered chains
(22:52) - Prop AMMs solve 2 problems that AMMs had
(25:37) - The "Prop" in "Prop AMMs" stands for proprietary
(27:19) - Flow segmentation that happens
(29:14) - Why do market makers prefer prop AMMs?
(35:49) - How pAMMs impact the market micro structure
(37:58) - Barriers to entry in block building
(39:03) - Talking about takers and spoofing
(40:53) - ETH price discovery on Ethereum
(43:29) - How does pre-trade privacy impact execution
(45:01) - Closed source is silly
(46:34) - Onchain contracts as order types
(47:15) - Closing thoughts on PropAMMs & Ethereum
Disclaimer
Nothing in this episode should be interpreted as financial, technical, or legal advice. The host does contract work for Heliax, a public goods laboratory, focusing on Anoma.