Rethinking DEX Design, Pricing, and Bonding Curves

​An Arbitrary Mean-Rate Exchange Protocol

​A Main Stage Research Talk at ETHCluj 2026

​Dr. Mark Richardson, Project Lead at Bancor, will present new research exploring alternative approaches to DEX design, pricing, and bonding curve construction.

​The session introduces a new mathematical framework for defining exchange rates from first principles. Rather than specifying a curve and deriving its behavior, the approach inverts the process: the desired rate behavior is defined first, and the unique bonding curve that satisfies it is constructed from that definition.

​At the core of this work is the Mean-of-Derivatives (MoD) property — a predicate requiring that the effective exchange rate over a trade is a chosen mean of the marginal rates at its endpoints. From this, a general method emerges for constructing bonding curves in closed form, expanding the range of pricing behaviors beyond those supported by existing AMM designs.

​The session will explore:

• ​The limitations of invariant-based DEX design

• ​How bonding curves can be constructed from rate definitions

• ​A generalizable framework for exchange rate formation

• ​Implications for the next generation of onchain trading systems

​This is a research-focused session for those interested in the mechanics of onchain markets and the future direction of exchange design.

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​Mark will also participate in two panel discussions at ETHCluj:

​DeFi and Institutional Capital: Alignment or Friction
🗓️ May 13
📍 Business Stage (4th Floor)
🕑 2:10 PM

​Can Small Teams Still Build on Ethereum?
🗓️ May 14
📍 Workshop Room (3rd Floor)
🕠 3:40 PM