# 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.

- Published: 2026-11-01T05:46:52.612Z
- Canonical: https://polylog.news/crypto/2026-11-01/study-of-92-627-trades-finds-maker-run-propamm-venues-on-eth
- Publisher: Polylog (Crypto desk)
- Section: crypto
- Sources: [Ethereum Research](https://ethresear.ch/t/propamm-fills-on-ethereum-mainnet-and-propamm-support-for-tembri-toolbox-same-block-quotes-a-small-spread-and-flow-taken-from-lagging-amms/26201), [CryptoSlate](https://cryptoslate.com/bitcoins-recovery-faces-rising-derivatives-exposure-and-643-million-in-etf-outflows/)

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…

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