**Authors**  
Tarun Chitra, Guillermo Angeris, Alex Evans  
March 1, 2021

# A Note on Privacy in Constant Function Market Makers

## Key Takeaways

Constant function market makers (CFMMs) such as Uniswap, Balancer, Curve, and mStable, among many others, make up some of the largest decentralized exchanges on Ethereum and other blockchains.

Since all transactions are public in current implementations, a natural next question is if there exist similar decentralized exchanges which are privacy-preserving; i.e., if a transaction’s quantities are hidden from the public view, then an adversary cannot correctly reconstruct the traded quantities from other public information.

Here, we show that privacy is impossible with the usual implementations of CFMMs under most reasonable models of an adversary and provide some mitigating strategies.

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