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Morning Edition · Monday, November 2, 2026Published at 12:45 AM EST · New York
Single-Maker Ethereum Venues Take Flow From Lagging AMMs, Study of 92,627 Trades Finds
On-chain venues priced by one market maker quoted inside the same block at narrow spreads during a month in which about $12.5 billion of leveraged crypto positions were liquidated.
A study posted to Ethereum Research examines PropAMMs, on-chain trading venues whose prices one market maker sets. The maker pushes its quote to the chain, and incoming trades fill against it. The author decoded 92,627 fills on nine Ethereu…
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Part of a tracked trend
Derivatives Set Crypto Price Discovery
Leveraged perpetual futures keep displacing spot trading as the place where crypto prices form, which raises liquidation-driven volatility and pushes on-chain venues to compete on ordering rules that protect market makers.
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