Liquidity protocols underpin the operation of many decentralised exchanges (DEXs) and allow users to trade cryptocurrency peer-to-peer. We found an increasing number of the tokens associated with these protocols appearing in the top 30 cryptocurrencies. These protocols enable ‘liquidity providers’ who invest their crypto into ‘liquidity pools’ with the incentive of earning interest on their investment. These liquidity pools use automated market makers using a liquidity protocol to bypass the role of centralised third-party intermediaries by replacing them with ‘automated market makers’. The market has started to saturate following the success of projects such as Uniswap, so we have identified