Layer 2 be or Layer not 2 be: 在 Uniswap v3 上的扩展
Layer 2 be or Layer not 2 be: Scaling on Uniswap v3
AI总结：
本文研究更便宜、更快的链对 Uniswap v3 的市场结构影响，发现其能改善交换执行、提升流动性提供者资本效率和套利回报，并指出两秒区块时间对最优回报可能过长。
摘要：
本文研究了更便宜和更快的链对 Uniswap v3 协议的市场结构影响。Uniswap 协议是以太坊上按 gas 和区块空间使用量计算最大的去中心化应用，由于协议的经济因素，协议的用户行为对 gas 价格波动和市场结构非常敏感。我们聚焦于 Uniswap v3 活动最频繁的链，以便与以太坊主网进行最佳比较。由于更便宜的 gas 和更短的区块时间，我们发现有证据表明，在这些链上，大多数交换获得了更好的 gas 调整后执行，流动性提供者的资本效率更高，并且流动性提供者从更多的套利中获得了更高的费用回报。我们还提出证据表明，与先到先得相比，两秒的区块时间对于最优流动性提供者回报而言可能过长。我们认为，当前 AMM 的许多缺点可能源于链的动态特性，并且通过更便宜和更快的交易可以得到极大改善。
英文摘要：
This paper studies the market structure impact of cheaper and faster chains on the Uniswap v3 Protocol. The Uniswap Protocol is the largest decentralized application on Ethereum by both gas and blockspace used, and user behaviors of the protocol are very sensitive to fluctuations in gas prices and market structure due to the economic factors of the Protocol. We focus on the chains where Uniswap v3 has the most activity, giving us the best comparison to Ethereum mainnet. Because of cheaper gas and lower block times, we find evidence that the majority of swaps get better gas-adjusted execution on these chains, liquidity providers are more capital efficient, and liquidity providers have increased fee returns from more arbitrage. We also present evidence that two second block times may be too long for optimal liquidity provider returns, compared to first come, first served. We argue that many of the current drawbacks with AMMs may be due to chain dynamics and are vastly improved with cheaper and faster transactions
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。
