Concentration of DeFi’s liquidity: Evidence from Decentralised Exchanges (DEXs) and Automated Market Makers (AMMs)

Decentralised exchanges (DEXs) are on-chain platforms where traders can exchange one crypto-asset for another. DEXs play an increasingly important role in the decentralised finance (DeFi) market, particularly in the aftermath of the recent downturn in the crypto-asset market. This working paper explores the characteristics of DEXs and identifies...