1. Free Maniswap (no fees)

   • The simplest option
   • Completely dependent on subsidies for liquidity

2. LP-friendly Maniswap (fees)

   • Competitive LP is possible, but still difficult
     • impermanent loss hard to avoid
     • fees might need to be high for LP to be profitable

3. Maniswap + Order Book (no fees)

   • Maniswap used for subsidies (no fees)
   • Order book for competitive LP and betting
   • Maker-taker fee structure with no fees for maker
   • Pros
     • limit orders are easy to understand
     • competitive liquidity without liquidity fees
     • Easier to implement b/c order book is an addition to current AMM
   • Cons
     • Two mechanisms

4. Free Maniswap V3 (no fees)

   • Little reason for this, if LP is still donation-based versus just Maniswap
   • Hard to implement because it requires porting and replacing our current AMM

5. LP-friendly Maniswap V3 (fees)

   • Range orders make LP doable in practice
   • Still much harder to understand than order book

6. LP-friendly Maniswap V3 + Order Book (fees)

   • Most advanced, granular way to provide liquidity
   • Confusing because now there are two types of limit orders

Discussion June 9, 2022

• Why limit orders?

  • Most people intuitively want limit orders, I put down probability at this amount
    • [A]

  • Range orders are complex to think about

  • How do we do multiple choice and free response?
    • [J] is it easier to use these? Benefit of using a similar mechanism for binary and multiple choice
  • Technically complex, migration might be hard compared to just extending maniswap

• Range orders make sense for numeric markets

  • Value between 100 and 1000, then it’s a lot more intuitive