However, a bottom-up approach to new tools to connect AMMs and to expand the kinds of instruments that they support (e.g., options with an expiration date) has the potential to push back the horizons of the possible. These topics have received important theoretical treatment by Dr. Maurice Herlihy, An Wang professor of computer science at Brown University, who has demonstrated that AMMs may be considered like electrical circuits. Properly constructed, they can operate either in series (trade asset A for B on one AMM, and B for C on another) or in parallel (split a large trade between A for B between multiple AMMs), arrangements that may be considered as mathematically equivalent to one larger AMM. Significantly, these different configurations can redistribute the costs of participating between traders (slippages, as described above) and capital providers (the much rehearsed impermanent loss). Such costs can never be fully eliminated, but they can be subjected both to rational minimization and strategic hedging (e.g., a synthetic “impermanent gain” token that offers insurance for impermanent loss).