Hayden Adams, founder of Uniswap, published a blog post on August 19 arguing that automated market makers (AMMs) will conquer the world’s largest markets through tokenized assets trading against each other rather than against dollars. His thesis draws a parallel with index funds, which now hold $21.88 trillion versus $18.83 trillion in active funds, representing a 53.7% market share. Brian Huang, co-founder of Glider and former trader at XTX Markets, responded that « AMMs are going to zero », citing major obstacles including the inability to place and cancel orders across thousands of assets, onchain congestion, and order flow segregation. Uniswap generated $81.2 million in fees over 30 days, and DEX spot volume now represents approximately 20 to 24% of centralized spot volume, an all-time high.
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