Before revision:  We employ our framework to systematically compare the mechanics of the top AMM protocols  , deriving their slippage and divergence loss functions  .
After revision:  We employ our framework to systematically compare the mechanics of the top AMM protocols , deriving their slippage and divergence loss functions . We further discuss security and privacy concerns associated with AMM DEXs, and conduct a comprehensive literature review on related work covering both DeFi and conventional market microstructure .