🚨 Interesting update to our model of LVR with fees! Our updated paper with @ciamac @Tim_Roughgarden now also captures gas fees. Most importantly, we prove that lower gas fees **help LPs** by reducing LP losses. 1/2
See a table here showing the share of the "pie of LVR" between arbitrageurs (profits) & validators (via gas fees). Can't wait to see how it lines up with on-chain reality. Feedback always welcome! 2/2
13,1K