{
  "sources": [
    {
      "url": "https://raw.githubusercontent.com/jiayaoqijia/amm-challenge-yq/main/README.md",
      "quote": "Official leaderboard score: **523.21** on [ammchallenge.com](https://www.ammchallenge.com/)."
    },
    {
      "url": "https://raw.githubusercontent.com/jiayaoqijia/amm-challenge-yq/main/README.md",
      "quote": "4. **Higher PHAT_ALPHA** (0.26) — Faster first-in-step price tracking, enabled by the adaptive gate protecting against outlier updates."
    },
    {
      "url": "https://raw.githubusercontent.com/dipankar/amm-challenge/main/ANALYSIS.md",
      "quote": "Our SigmaAdaptive strategy scores **526.54** vs our previous best WinningV5 at **295.57** — a **+231 point delta**."
    },
    {
      "url": "https://raw.githubusercontent.com/dipankar/amm-challenge/main/ANALYSIS.md",
      "quote": "| **pHat implied price reconstruction** | pImplied = spot × (1−fee) for buys, spot / (1−fee) for sells — accounts for fee impact when backing out fair price | Enables accurate state estimation |"
    }
  ]
}