However, while its simplicity is nice, it has a fatal flaw: it’s a terrible trading strategy for LPs because it loses money if prices move at all from their origin (creating so-called “impermanent loss”). The simplest viable pricing formula was the CPMM model (x*y = k), so that’s what Uniswap used. Because of this, the first generation of AMMs, like the one used in Uniswap, needed a pricing formula that was as simple as possible in order to keep computing resources (and thus gas fees) down. These differences in design make it so that Clipper is able to provide users with the best possible prices on small trades and superior LP yields without any impermanent loss! Formula Market MakerĪs we know, computing resources are extremely expensive on Ethereum mainnet (at one point gas fees on a single Uniswap transaction was over $50!). Clipper also implements various design trade-offs that sacrifice price competitiveness on large trades for better prices on smaller trades. The most significant is that Clipper utilizes a unique Automated Market Maker (AMM) mechanism called the Formula Market Maker (FMM), rather than the Constant Product Market Maker (CPMM) used by most DEXs. Clipper is the antithesis of this approach.Ĭlipper’s design is contrary to that of most DEXs in several ways. These exchanges were built to serve everyone, but their emphasis on volume makes it so that their benefits only actually accrue to big traders like whales, hedge funds, and market makers. In practice, this model generates profit-scalping opportunities for bots and arbitrageurs, often to the detriment of retail traders. The vast majority of DEXs are structured in a way that prioritizes high dollar trading volume above all else. 7 min read A DEX Built for Retail TradersĬlipper is a decentralized exchange custom-designed to give traders the lowest per-transaction costs (including fees, slippage, and gas) on trades under $50k.Note: We do not offer technical support for developing or debugging scripted downloading processes. Note that this policy may change as the SEC manages SEC.gov to ensure that the website performs efficiently and remains available to all users. This SEC practice is designed to limit excessive automated searches on SEC.gov and is not intended or expected to impact individuals browsing the SEC.gov website. Once the rate of requests has dropped below the threshold for 10 minutes, the user may resume accessing content on SEC.gov. If a user or application submits more than 10 requests per second, further requests from the IP address(es) may be limited for a brief period. Current guidelines limit users to a total of no more than 10 requests per second, regardless of the number of machines used to submit requests. We reserve the right to block IP addresses that submit excessive requests. To ensure our website performs well for all users, the SEC monitors the frequency of requests for SEC.gov content to ensure automated searches do not impact the ability of others to access SEC.gov content. Unauthorized attempts to upload information and/or change information on any portion of this site are strictly prohibited and are subject to prosecution under the Computer Fraud and Abuse Act of 1986 and the National Information Infrastructure Protection Act of 1996 (see Title 18 U.S.C. For security purposes, and to ensure that the public service remains available to users, this government computer system employs programs to monitor network traffic to identify unauthorized attempts to upload or change information or to otherwise cause damage, including attempts to deny service to users. More Information Internet Security Policyīy using this site, you are agreeing to security monitoring and auditing.
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