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The asset trading volume on blockchain-based exchanges (DEX) increasedsubstantially since the advent of Automated Market Makers (AMM). Yet, AMMs andtheir forks compete on the same blockchain, incurring unnecessary network andblock-space overhead, by attracting sandwich attackers and arbitragecompetitions. Moreover, conceptually speaking, a blockchain is one database,and we find little reason to partition this database into multiple competingexchanges, which then necessarily require price synchronization througharbitrage.  This paper shows that DEX arbitrage and trade routing among similar AMMs canbe performed efficiently and atomically on-chain within smart contracts. Theseinsights lead us to create a new AMM design, an Automated Arbitrage MarketMaker, short A2MM DEX. A2MM aims to unite multiple AMMs to reduce overheads,costs and increase blockchain security. With respect to Miner Extractable Value(MEV), A2MM serves as a decentralized design for users to atomically collectMEV, mitigating the dangers of centralized MEV relay services.  We show that A2MM offers essential security benefits. First, A2MM strengthensthe blockchain consensus security by mitigating the competitive exploitation ofMEV, therefore reducing the risks of consensus forks. A2MM reduces the networklayer overhead of competitive transactions, improves network propagation,leading to less stale blocks and better blockchain security. Through traderouting, A2MM reduces the predatory risks of sandwich attacks by takingadvantage of the minimum profitable victim input. A2MM also offers financialbenefits to traders. Failed swap transactions from competitive trading occupyvaluable block space, implying an upward pressure on transaction fees. Ourevaluations shows that A2MM frees up 32.8% block-space of AMM-relatedtransactions. In expectation, A2MM's revenue allows to reduce swap fees by 90%.

A2MM: Mitigating Frontrunning, Transaction Reordering and Consensus Instability in Decentralized Exchanges