{"document_id":"BLC-STUDY-0180","slug":"cfmm","title":"Improved Price Oracles: Constant Function Market Makers","authors":"Guillermo Angeris and Tarun Chitra","year":2020,"date_label":"2020","publisher":"Guillermo Angeris and Tarun Chitra","paper_type":"Design paper","category":"Markets","topics":["Markets"],"source_url":"https://arxiv.org/pdf/2003.10001","source_label":"arXiv:2003.10001","legacy_pdf_path":null,"sha256":null,"sha256_note":"No hash is published. This build does not store those PDF bytes, so a checksum would be invented. Where a legacy path exists, it points at the Internet Archive copy of the old library.","version":"Source cited by the 2020 study. The study is the reading. This page does not add a second essay.","doi":null,"rights_status":"Official external source only","source_status":"Official source","use_status":"Metadata and commentary only. The reading is the study page.","licence":null,"licence_label":"No licence recorded. Rights status under review.","full_text":null,"full_text_reason":"Full text is not published on this page. Public availability is not a licence to republish a document. Blockchain Lab has not recorded a licence that permits an HTML transcription, a training set, or a retrieval corpus of the paper. Text on this page is Blockchain Lab's own wording, or a pointer to a study that is also Blockchain Lab's wording.","editorial_line":"A constant-function market maker defines a set of reserves that must stay on a curve. Prices and oracle quality fall out of that curve and of the path traders take.","canonical_url":"https://blockchainlab.com/whitepaper/cfmm","record_url":"https://blockchainlab.com/research/corpus/papers/cfmm","study_url":"https://blockchainlab.com/whitepaper/cfmm","last_reviewed":"2026-10-01","last_checked":"2026-10-01","relationships":[{"rel":"Canonical reading","label":"Constant function market makers study","href":"/whitepaper/cfmm"},{"rel":"Related paper","label":"Uniswap","href":"/whitepaper/uniswap-v2"},{"rel":"Related paper","label":"Balancer","href":"/whitepaper/balancer"}]}