Too Long; Didn't Read
Bancor is a fully automated on-chain market maker that acts as always-available counterparties for people who wish to trade one type of token for another. The price of tokens in the token market has nothing to do with the actual market equilibrium, says author. He will focus purely on the topic of efficiency and exploitability, using examples with MKR and MKR (along with examples of MKR) as examples, not to make any guarantees of seeing any of those examples.