Instruct: Identify the main and secondary category of Arxiv papers based on the titles and abstracts
Query: On The Quality Of Cryptocurrency Markets: Centralized Versus
  Decentralized Exchanges   Despite the growing adoption of decentralized exchanges, not much is yet
known about their market quality. To shed light on this issue, we compare
decentralized blockchain-based venues (DEX) to centralized crypto exchanges
(CEX) by assessing two key aspects of market quality: price efficiency and
market liquidity. Using a novel and comprehensive data set, we find that
overall CEX provide better market quality but DEX become competitive for
transactions exceeding \$ 100,000. Further, the main determinant of the lower
price-efficiency of DEX is the high gas price stemming from proof-of-work
blockchains. We propose and empirically validate a stylized theory of DEX
liquidity provision, which links trading volumes, protocol fees, and liquidity
in equilibrium. Our model identifies quantitative conditions for DEX to
overtake CEX in the future.

1
The categories of this paper are: cs
22
The categories of this paper are: chao-dyn
11
The categories of this paper are: hep-lat
10
The categories of this paper are: q-bio
36
The categories of this paper are: cmp-lg
34
The categories of this paper are: chem-ph
26
The categories of this paper are: bayes-an
8
The categories of this paper are: hep-ex
32
The categories of this paper are: atom-ph
7
The categories of this paper are: hep-th
27
The categories of this paper are: comp-gas
25
The categories of this paper are: patt-sol
14
The categories of this paper are: math-ph
3
The categories of this paper are: physics
2
The categories of this paper are: math
18
The categories of this paper are: econ