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When one thinks of DeFi’s greatest innovations, automated market makers (AMMs) come to mind.

Popularized by early OG teams like Bancor and Uniswap in 2018, AMMs enabled permissionless liquidity provision without the need for professional market makers to manage an order book.

This permissionless structure has immense benefits for bootstrapping markets around illiquid tokens, but it comes with many well-known tradeoffs. 

Since liquidity positions and execution is public, LPs are vulnerable to MEV attacks, manifesting in price impact and slippage problems for the end-user.

Protocol…

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