ChainCatcher news, Alliance DAO founding partner Imran Khan posted on the X platform, stating that an important yet widely overlooked competition is unfolding among AMMs, aiming to become the default infrastructure for token launch platforms. This competition involves differentiated bonding curves, anti-front-running mechanisms, and refined fee generation frameworks.Imran Khan pointed out that AMMs successfully capturing this market could establish a moat and generate substantial revenue, but whether they can form a long-term advantage remains to be seen. It is expected that AMMs will design mechanisms to lock in the launch platform for as long as possible.