2021/03/01 by Guillermo Angeris, Angeris, Guillermo, Alex Evans +3
Computer Science · #Analysis of PDEs (math.AP) #Blockchain Technology Applications and Security #Cryptography and Data Security #Cryptography and Security (cs.CR) #FOS: Computer and information sciences #FOS: Mathematics #Optimization and Control (math.OC) #Privacy-Preserving Technologies in Data
paper · pdf · doi:10.48550/arxiv.2103.01193
openalex publication_date 2021/03/01 · openalex created_date 2025/10/10 · openalex updated_date 2026/07/28
Constant function market makers (CFMMs) such as Uniswap, Balancer, Curve, and mStable, among many others, make up some of the largest decentralized exchanges on Ethereum and other blockchains. Because all transactions are public in current implementations, a natural next question is if there exist similar decentralized exchanges which are privacy-preserving; i.e., if a transaction's quantities are hidden from the public view, then an adversary cannot correctly reconstruct the traded quantities from other public information. In this note, we show that privacy is impossible with the usual implementations of CFMMs under most reasonable models of an adversary and provide some mitigating strategies.