Uniswap founder: Related asset pairs will become the core engine for AMM to dominate the global market

Comparing news, Uniswap founder Hayden Adams (@haydenzadams) wrote that as the asset tokenization process accelerates, AMM (automated market makers) are ushering in structural opportunities. He pointed out that tokenization not only upgraded the market infrastructure, but also made the market programmable, fundamentally changing the way the market was created and the threshold for participation.

On-chain liquidity spontaneously forms a “related asset pair” aggregation pattern — the more correlated asset pairs, the lower the LP inventory risk, the deeper the liquidity, and the smaller the efficiency gap between passive AMM strategies and active strategies, thus “breaking down” traditional market makers with lower capital costs. Using NVDA/SPY as an example, he pointed out that if stocks are traded in SPY instead of US dollars, market making costs will be drastically reduced, while bridging pairs (such as SPY/USD) will still compete with professional institutions.