# kaal:claim:3808852-025

**Claim.** Most decentralized exchanges have struggled with liquidity and price discovery.

**Type.** failure  **Support.** asserted

**Source quote.**

> Most DEX have been struggling with liquidity and price discovery.

**From.** Wulf A. Kaal, *Decentralization and Feedback Effects* (2021), IV. Market Decentralization, page 18

**Cite as.** Wulf A. Kaal, Decentralization and Feedback Effects (2021). SSRN: https://ssrn.com/abstract=3808852

**Verify.** sha256 of source PDF `31e91158fdeefebc2f0be54ebf89751f7cdd4c89ecea932888f5ba9be6b1caba` at https://raw.githubusercontent.com/wulfkaal/Academic-Papers/main/papers/pdf/Kaal%20-%202021%20-%20Decentralization%20and%20Feedback%20Effects.pdf

**Failure mode.** DEX liquidity and price discovery deficit  (family: liquidity-and-market-structure-failure)

**Topics.** defi, economics

**Keywords.** dex, liquidity, price-discovery, market-failure

**Canonical form.** This markdown file is the canonical hashed representation of the claim. Its sha256 is the content hash used for attestation.