Nice write-up. I realized recently how poorly understood AMMs are, despite their apparent mathematical simplicity. I used to think of AMM swaps as analogous to

Nice write-up. I realized recently how poorly understood AMMs are, despite their apparent mathematical simplicity. I used to think of AMM swaps as analogous to market orders, and this is still the dominant view. But in the presence of MEV, swaps behave like limit orders instead. I wrote it up in more detail here: https://ruudvanasseldonk.com/2021/12/07/a-perspective-shift-on-amms-through-mev https://ruudvanasseldonk.com/2021/12/07/a-perspective-shift-...