Financial regulators have long-standing concerns about fully decentralized
exchanges that run ‘on-chain’ without any obvious regulatory hooks. The
popularity of Uniswap, an automated market makers (AMM), made these concerns a
reality. AMMs implement a lightweight dealer-based trading system, but they are
unlike anything on Wall Street, require fees intrinsically, and are susceptible
to front-running attacks. This leaves the following research questions we
address in this paper: (1) are conventional (i.e., order books), secure (i.e.,
resistant to front-running and price manipulation) and fully decentralized
exchanges feasible on a public blockchain like Ethereum, (2) what is the
performance profile, and (3) how much do Layer 2 techniques (e.g., Arbitrum)
increase performance? To answer these questions, we implement, benchmark, and
experiment with an Ethereum-based call market exchange called Lissy. We confirm
the functionality is too heavy for Ethereum today (you cannot expect to exceed
a few hundred trade executions per block) but show it scales dramatically
(99.88% gas cost reduction) on Arbitrum.

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