# Maximizing Extractable Value from Automated Market Makers

arXiv: https://arxiv.org/abs/2106.01870 · HTML: https://mlsanity.com/paper/2106.01870/

## Key facts

- Cited by 1 papers in the map (data through 14 Oct 2026).
- First posted on arXiv 2 Jun 2021.

## Built on by (most cited first, 1 of 1)

- [GasTrace: Detecting Sandwich Attack Malicious Accounts in Ethereum](https://mlsanity.com/paper/2405.19971/) (2024)

## Abstract (arXiv)

Automated Market Makers (AMMs) are decentralized applications that allow users to exchange crypto-tokens without the need for a matching exchange order. AMMs are one of the most successful DeFi use cases: indeed, major AMM platforms process a daily volume of transactions worth USD billions. Despite their popularity, AMMs are well-known to suffer from transaction-ordering issues: adversaries can influence the ordering of user transactions, and possibly front-run them with their own, to extract value from AMMs, to the detriment of users. We devise an effective procedure to construct a strategy through which an adversary can maximize the value extracted from user transactions.