Hayden Adams argues that correlated asset pairs—like NVDA/SPY rather than NVDA/USD—could let AMMs outcompete traditional market makers by cutting hedging costs and inventory risk. He notes tokenization lets any asset trade against any other on a shared settlement layer, and SEC-approved tokenized share trading by Nasdaq and NYSE signals the shift is underway. He cites ten tokenized stocks trading against SPY on Uniswap pools on Robinhood Chain, which did $33 million in volume from over 11,000 traders in twelve days. Uniswap has settled over $4.6 trillion to date. Adams compares passive AMM liquidity's trajectory to index funds, which now hold most American fund assets after being dismissed in 1976.

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