Automated Market Makers (AMMs) are decentralized applications that allow
users to exchange crypto-tokens without the need for a matching exchange order.
AMMs are one of the most successful DeFi use cases: indeed, major AMM platforms
process a daily volume of transactions worth USD billions. Despite their
popularity, AMMs are well-known to suffer from transaction-ordering issues:
adversaries can influence the ordering of user transactions, and possibly
front-run them with their own, to extract value from AMMs, to the detriment of
users. We devise an effective procedure to construct a strategy through which
an adversary can maximize the value extracted from user transactions.

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