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In this paper we analyze constant product market makers (CPMMs). We formalizethe liquidity providers' profitability conditions and introduce a concept wecall the profitability frontier in the xyk-space. We study the effect of mintand burn fees on the profitability frontier, consider various pool types, andcompile a large data set from all Uniswap V2 transactions. We use this data tofurther study our theoretical framework and the profitability conditions. Weshow how the profitability of liquidity provision is severely affected by thecosts of mint and burn events relative to the portfolio size and thecharacteristics of the trading pair.

Decentralized Exchanges: The Profitability Frontier of Constant Product Market Makers