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NFT市场中的机会主义高频交易策略

文章 arXiv papers · 作者: Priyanka Bose et al.
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总结

文档认为，NFT市场原则上具有透明性，但容易受到复杂交易者的影响，他们会利用技术知识、协议机制和市场低效。文档将机会主义交易描述为自动化的高频活动，认为这类活动可能干扰普通用户的交易，并从普通用户较难利用的情形中攫取价值。

论文称其考察三大类策略，分别围绕获取资产、即时获利和尽量减少损失展开。文中将这些策略视为在监管总体不足的市场中可能具有恶意、欺骗性或不公平性的做法。摘录说明了研究动机并对目标进行了分类，但没有提供具体机制、测量结果、案例，也没有证据说明这些策略的普遍程度或盈利能力。因此，这些说法描述的是论文的研究范围，并未证实这类做法出现的频率或其对整个市场的影响。

核心观点

  • NFT市场可能存在技术娴熟的交易者能够利用的低效。
  • 论文研究可能扰乱其他用户交易的自动化高频交易。
  • 论文按资产获取、即时获利和损失最小化对机会主义策略进行分类。
  • 摘录阐述了进一步审视此类策略的理由，但未提供具体策略细节或实证发现。

标签

加密资产去中心化金融高频交易市场微观结构交易执行
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# Exploiting Unfair Advantages: Investigating Opportunistic Trading in the NFT Market


# Exploiting Unfair Advantages: Investigating Opportunistic Trading in the NFT Market









As cryptocurrency evolved, new financial instruments, such as lending and borrowing protocols, currency exchanges, fungible and non-fungible tokens (NFT), staking and mining protocols have emerged. A financial ecosystem built on top of a blockchain is supposed to be fair and transparent for each participating actor. Yet, there are sophisticated actors who turn their domain knowledge and market inefficiencies to their strategic advantage; thus extracting value from trades not accessible to others. This situation is further exacerbated by the fact that blockchain-based markets and decentralized finance (DeFi) instruments are mostly unregulated. Though a large body of work has already studied the unfairness of different aspects of DeFi and cryptocurrency trading, the economic intricacies of non-fungible token (NFT) trades necessitate further analysis and academic scrutiny. The trading volume of NFTs has skyrocketed in recent years. A single NFT trade worth over a million US dollars, or marketplaces making billions in revenue is not uncommon nowadays. While previous research indicated the presence of wrongdoings in the NFT market, to our knowledge, we are the first to study predatory trading practices, what we call opportunistic trading, in depth. Opportunistic traders are sophisticated actors who employ automated, high-frequency NFT trading strategies, which, oftentimes, are malicious, deceptive, or, at the very least, unfair. Such attackers weaponize their advanced technical knowledge and superior understanding of DeFi protocols to disrupt trades of unsuspecting users, and collect profits from economic situations that are inaccessible to ordinary users, in a "supposedly" fair market. In this paper, we explore three such broad classes of opportunistic strategies aiming to realize three distinct trading objectives, viz., acquire, instant profit generation, and loss minimization.

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。