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Cross-border Exchange of CBDCs using Layer-2 Blockchain
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This paper proposes a novel multi-layer blockchain architecture for the cross-border trading of CBDCs. The permissioned layer-2, by relying on the public consensus of the underlying network, assures the security and integrity of the transactions and ensures interoperability with domestic CBDCs implementations. Multiple Layer-3s operate various Automated Market Makers (AMMs) and compete with each other for the lowest costs. To provide insights into the practical implications of the system, simulations of trading costs are conducted based on historical FX rates, with Project Mariana as a benchmark. The study shows that, even with liquidity fragmentation, a multi-layer and multi-AMM setup is more cost-efficient than a single AMM.
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Cited by 1 Pith paper
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Multi-Currency AMMs for Decentralized FOREX Markets: Feasibility & Optimal Design
Optimized multi-currency constant-mean AMM pools with correlation-based currency clustering cut modeled FX trading costs by ~13% versus USD vehicle-currency routing.
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