Uniswap founder Hayden Adams argues tokenized assets will shift market making to automated AMMs

Writing his first blog post since 2019, Adams argues tokenization is not merely an infrastructure upgrade but makes markets programmable, shifting market making from vertically integrated firms to automated AMMs. He cites Uniswap's $4.6 trillion settled volume and DEXs rising from under 1% to over 20% of centralized spot volume. He says liquidity organizes into correlated pairs, citing ten tokenized stocks trading against SPY on Robinhood Chain that did $33 million in volume from 11,000+ traders in twelve days. He compares AMMs' trajectory to index funds, dismissed in 1976 but now dominant.

✨ AI summary of the linked source — not editorial content.

Explore the topic

• Markets
• UNI
• Uniswap