The Need for Fees at a DEX: How Increases in Fees Can Increase DEX Trading Volume
建模了去中心化交易所（DEX）的内生交易和流动性供给，发现提高交易费用反而能增加交易量，因为高费用激励更多库存，降低价格冲击，从而抵消费用上升，使边际成本下降。
We model endogenous trading and liquidity provision at a decentralized exchange (DEX) and demonstrate that increasing DEX trading fees can increase DEX trading volume. DEXs employ a mechanical pricing rule whereby price impacts decrease with inventory that DEXs acquire by offering fee revenues to investors. Consequently, higher DEX fees can incentivize higher inventory, thereby reducing price impacts. Moreover, the reduction of price impact can offset the increase in fees so that the marginal cost of DEX trading declines despite charging a higher trading fee. In turn, lower DEX marginal trading costs lead to an increase in DEX trading volume. This paper was accepted by Agostino Capponi, finance.