RMMs and Oracles
Pool-derived pricing, external information and settlement authority.
#Oracle-minimized is not oracle-free
RMM research lets arbitrage import external price information through trades rather than letting a feed set the pool's marginal price directly. Arbitrageurs still observe external markets, and other protocol functions can require authoritative data.
#Distinct price surfaces
- Underlying-equity bid and ask data describes the reference security market.
- A Stock Token Chainlink feed reports an onchain, multiplier-adjusted token price.
- A pool marginal price describes immediately tradable reserve state.
- A settlement observation applies the position's terminal rule.
These values can differ in role, timing and executability. A sound architecture never treats them as interchangeable.
#Pricing versus settlement
Pool state can price execution while a feed enforces risk bounds or settlement. Conversely, a feed can value a position without supplying executable liquidity.
- Replicating Market Makers
Angeris, Evans and Chitra's primary paper on constructing CFMM trading functions from target payoff functions.
- Stock Token APIs
Official REST schemas for asset metadata, underlying bid/ask data and corporate actions.
- Oracles & Price Feeds
Official Chainlink feed semantics, multiplier treatment, pause behavior and L2 safety checks.