Morning Edition · Sunday, November 1, 2026Published at 1:46 AM EDT · New York

Study of 92,627 trades finds maker-run "PropAMM" venues on Ethereum quote within the same block and take flow from slower pools

Researchers decoded 30 days of fills across nine Ethereum venues where a single professional maker sets prices, evidence that active market making is moving onto the base layer.

A paper posted to Ethereum Research on October 31 measures a type of exchange that most DeFi users never see. PropAMMs are on-chain trading venues where one maker sets the price. The maker posts quote updates on-chain, and each fill reads t…