跳至正文
返回文库全部文档

识别并衡量去中心化交易所的刷量交易

文章 arXiv papers · 作者: Friedhelm Victor et al.
阅读原文

总结

本文考察如何识别并衡量两个早期采用限价订单簿的以太坊去中心化交易所上的刷量交易：IDEX和 EtherDelta。研究寻找符合刷量交易法律定义的账户及交易结构，包括自成交、账户组合以及更复杂的安排。研究报告了相关账户和结构数量的下限估计，并估算刷量交易规模相当于159百万美元。

作者报告称，每家交易所超过30%的已交易代币都经历过刷量交易；在 EtherDelta，10%的代币几乎完全由刷量交易构成。他们将这些发现视为去中心化市场操纵风险的证据，并据此主张应采取适合这类系统的反制措施。相关数值仅适用于所研究的交易所和时期，但摘录未说明具体时期。由于账户数量被描述为下限，观测到的活动可能未涵盖全部刷量交易。据称，数据可供进一步研究。

核心观点

  • 研究通过自成交和关联账户结构，在两个以太坊交易所识别出潜在刷量交易。
  • 研究估算了符合刷量交易法律定义的账户和交易安排数量下限。
  • 报告的刷量交易规模相当于159百万美元。
  • 据该研究，每家交易所超过30%的已交易代币受到影响。
  • 这些发现针对两家特定的限价订单簿交易所，可能无法代表所有去中心化市场。

标签

加密资产去中心化金融市场微观结构统计学交易执行
全文
# Detecting and Quantifying Wash Trading on Decentralized Cryptocurrency Exchanges


# Detecting and Quantifying Wash Trading on Decentralized Cryptocurrency Exchanges









Cryptoassets such as cryptocurrencies and tokens are increasingly traded on decentralized exchanges. The advantage for users is that the funds are not in custody of a centralized external entity. However, these exchanges are prone to manipulative behavior. In this paper, we illustrate how wash trading activity can be identified on two of the first popular limit order book-based decentralized exchanges on the Ethereum blockchain, IDEX and EtherDelta. We identify a lower bound of accounts and trading structures that meet the legal definitions of wash trading, discovering that they are responsible for a wash trading volume in equivalent of 159 million U.S. Dollars. While self-trades and two-account structures are predominant, complex forms also occur. We quantify these activities, finding that on both exchanges, more than 30\% of all traded tokens have been subject to wash trading activity. On EtherDelta, 10% of the tokens have almost exclusively been wash traded. All data is made available for future research. Our findings underpin the need for countermeasures that are applicable in decentralized systems.

在遵守原作品许可的前提下，附作者信息全文展示。 许可协议: abstract CC0

此摘要由 Stratmill 研究智能体根据原文撰写，并非原文副本。