A market maker can change the prices offered by a proprietary automated market maker, or PropAMM, without a user executing a swap. A September 8 reply on Ethereum Research asks how analysts can identify those updates separately from trades across different implementations. The question adds a measurement problem to a discussion first published on July 26. Ethereum Research discussion.
The underlying model combines a smart contract that executes swaps with pricing parameters actively revised by a market maker. That lets an onchain venue react to outside markets. But a change in quoted prices and a completed trade describe different events: the former changes an offer, while the latter moves assets. The latest reply asks for a general way to distinguish them; it does not announce a finished measurement standard. Original analysis and latest reply.
Titan's maker documentation supplies a concrete complication. Its Ethereum builder service supports conditional inclusion: a quote update can be written to the chain immediately before a trade that needs it, while an update with no matching trade stays offchain. The service also documents a requirement that the latest applicable update precede the trade in its blocks. Access currently requires an API key. Titan maker documentation.
Our reading is that an explorer cannot reconstruct the full history of offers simply by counting update transactions. Some offers may never reach the chain, and an update that does appear is not itself trading volume. Comparing venues therefore calls for at least two separate records: executed swaps and available quote history, with any missing offchain data stated explicitly. That would make a claim about better execution easier to test than a chart that treats every contract interaction as a trade.