Lissy：试验链上订单簿
Lissy: Experimenting with on-chain order books
摘要：
金融监管机构长期以来一直担心完全去中心化的交易所，这些交易所在没有任何明显监管挂钩的情况下“链上”运行。自动做市商（AMM）Uniswap的流行使这些担忧成为现实。AMM实现了一个轻量级的基于交易商的交易系统，但它们与华尔街的任何交易系统都不同，本质上需要收费，并且容易受到抢先攻击。这留下了我们在本文中解决的以下研究问题：（1）是传统的（即，订单簿），安全（即，抵抗前沿运行和价格操纵）和完全分散的交易所在像以太坊这样的公共区块链上可行，（2）性能概况是什么，以及（3）第2层技术（例如，Arbitrum）提高性能？为了回答这些问题，我们实现，基准测试和实验了一个名为Lissy的基于以太坊的呼叫市场交易所。我们确认，对于今天的以太坊来说，这个功能太重了（你不能期望每个区块的交易执行超过几百次），但它在Arbitrum上的规模很大（天然气成本降低了99.88%）。
英文摘要：
Financial regulators have long-standing concerns about fully decentralized exchanges that run 'on-chain' without any obvious regulatory hooks. The popularity of Uniswap, an automated market makers (AMM), made these concerns a reality. AMMs implement a lightweight dealer-based trading system, but they are unlike anything on Wall Street, require fees intrinsically, and are susceptible to front-running attacks. This leaves the following research questions we address in this paper: (1) are conventional (i.e., order books), secure (i.e., resistant to front-running and price manipulation) and fully decentralized exchanges feasible on a public blockchain like Ethereum, (2) what is the performance profile, and (3) how much do Layer 2 techniques (e.g., Arbitrum) increase performance? To answer these questions, we implement, benchmark, and experiment with an Ethereum-based call market exchange called Lissy. We confirm the functionality is too heavy for Ethereum today (you cannot expect to exceed a few hundred trade executions per block) but show it scales dramatically (99.88% gas cost reduction) on Arbitrum.
机构、总结、中文摘要均由AI分析而来，可能存在错误，请以论文正文为准。
