English (United Kingdom)

https://curated-unify.zendy.io/wp-json/zendy-region/v1/featured_content/oa?rat=en

https://curated-unify.zendy.io/wp-json/zendy-region/v1/highlighted_journal/

Global: Zendy Plus annual

Presents the access of premium content as premium feature

Premium Content

Presents the keyphrase highlighting as premium feature

Keyphrase Highlighting

Presents the summarisation as premium feature

Summarisation

Insights

Presents the pdf analysis as premium feature

PDF Analysis

Presents the zaia usage as premium feature

ZAIA

Global: Zendy Plus monthly

Global: Zendy Tools annual

Global: Zendy Tools monthly

Global: Zendy Free Plan

Decentralized exchanges are revolutionizing finance. With their ever-growingincrease in popularity, a natural question that begs to be asked is: howefficient are these new markets?  We find that nearly 30% of analyzed trades are executed at an unfavorablerate. Additionally, we observe that, especially during the DeFi summer in 2020,price inaccuracies across the market plagued DEXes. Uniswap and SushiSwap,however, quickly adapt to their increased volumes. We see an increase in marketefficiency with time during the observation period. Nonetheless, the DEXesstill struggle to track the reference market when cryptocurrency prices arehighly volatile. During such periods of high volatility, we observe the marketbecoming less efficient - manifested by an increased prevalence in cyclicarbitrage opportunities.

An Empirical Study of Market Inefficiencies in Uniswap and SushiSwap