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arXiv · 2312.13749

AMM-based DEX on the XRP Ledger

Walter Hernandez Cruz·Firas Dahi·Yebo Feng·Jiahua Xu·Aanchal Malhotra·Paolo Tasca
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Abstract

Automated Market Maker (AMM)-based Decentralized Exchanges (DEXs) are crucial in Decentralized Finance (DeFi), but Ethereum implementations suffer from high transaction costs and price synchronization challenges. To address these limitations, we compare the XRP Ledger (XRPL)-AMM-Decentralized Exchange (DEX), a protocol-level implementation, against a Generic AMM-based DEX (G-AMM-DEX) on Ethereum, akin to Uniswap's V2 AMM implementation, through agent-based simulations using real market data and multiple volatility scenarios generated via Geometric Brownian Motion (GBM). Results demonstrate that the XRPL-AMM-DEX achieves superior price synchronization, reduced slippage, and improved returns due to XRPL's lower fees and shorter block times, with benefits amplifying during market volatility. The integrated Continuous Auction Mechanism (CAM) further mitigates impermanent loss by redistributing arbitrage value to Liquidity Providers (LPs). To the best of our knowledge, this study represents the first comparative analysis between protocol-level and smart contract AMM-based DEX implementations and the first agent-based simulation validating theoretical auction mechanisms for AMM-based DEXs.

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Walter Hernandez Cruz, Firas Dahi, Yebo Feng, Jiahua Xu, Aanchal Malhotra, Paolo Tasca. 2023-12-21. AMM-based DEX on the XRP Ledger. https://doi.org/10.1109/icbc64466.2025.11114626

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