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Quantitative Finance · Glossário

O que é Stableswap?

Definition 20.5 Markets III: Commodities, Energy and Crypto · Capítulo 20 — Automated Market Makers

A stableswap market maker is an automated market maker whose invariant behaves like a constant sum (no price impact) near balanced reserves and like a constant product far from balance, blended by an amplification coefficient AA: for nn coins with balances xix_i and invariant DD,

Ann∑ixi+D=ADnn+Dn+1nn∏ixi.A n^n \sum_i x_i + D = A D n^n + \frac{D^{n+1}}{n^n \prod_i x_i}.
Three invariants through the balanced point (5, 5), after the stableswap paper’s own comparison: the price is the slope. The stableswap curve follows the constant sum over a wide range of balances and bends into a constant-product shape only when one coin runs short. Curve’s integer solver. Data: the chapter’s tutorial.
Figure 20.2. Three invariants through the balanced point (5, 5), after the stableswap paper’s own comparison: the price is the slope. The stableswap curve follows the constant sum over a wide range of balances and bends into a constant-product shape only when one coin runs short. Curve’s integer solver. Data: the chapter’s tutorial.
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