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first_img Uniswap founder: Tokenization will reshape the market-making landscape, and AMM is still in its early stages

Uniswap founder Hayden Adams stated that after nine years of DeFi practice, the path for AMM to become the core engine of the global financial market is becoming increasingly clear. He pointed out that tokenization is not only an infrastructure upgrade but also changes who provides liquidity and what is traded in the market. The SEC has approved Nasdaq and the New York Stock Exchange to trade tokenized stocks, and the DTCC also conducted live testing of tokenized trading in July.Adams believes that traditional market makers vertically integrate capital, strategy, execution, settlement, and distribution, which is costly; blockchain disassembles these components, making capital a scarce input. Liquidity providers who already hold relevant assets or are the issuers themselves can bear inventory exposure at zero cost, thereby weakening professional market makers with lower capital costs. An on-chain "related asset pair" model has naturally formed (such as the Ethereum ecosystem pairing with ETH and stablecoins), as correlation reduces inventory risk and deepens liquidity.He cited that there are already 10 tokenized stocks on the Robinhood Chain forming a Uniswap pool with SPY, which has traded approximately $33 million in 12 days, with some trades occurring directly between stocks without touching the dollar. Adams also stated that although Uniswap's cumulative trading volume has reached about $4.6 trillion, AMM is still in its early stages, and there is significant room for improvement in subsequent design and ecosystem.

Uniswap may launch a token issuance platform called Pools on the Robinhood Chain, with the infrastructure already online

According to crypto KOL 0xSLK, Uniswap is developing a token issuance platform called "Pools" on the Robinhood Chain. The official website is now online, but the product is not yet open. The pools.trade page displays "Coming soon from Uniswap" and plays a video of a frog jumping into a pond. Research has found that the front-end code related to Pools contains a lot of product information, and its internal name is "Pools - create a token on Robinhood Chain." The "rh-cca" path is believed to be related to the Robinhood Chain and Uniswap's Continuous Clearing Auction (CCA) mechanism.The public code shows that Pools is expected to offer two token issuance models: Crowd Launch: using a 4-hour auction mechanism, with a fixed supply of 1 billion tokens, of which 50% is for auction, and the remaining 50% along with the raised funds is used to establish Uniswap v4 liquidity pools. If the $50,000 FDV target is reached, the tokens will complete migration and open for trading; otherwise, participants can get a refund. Instant Launch: similar to the Bonding Curve model, users can trade immediately, with 80% of tokens used for curve trading, and the remaining 20% and funds used for liquidity building, completing migration after reaching a $50,000 FDV. Currently, the on-chain infrastructure related to Pools has been deployed to the Robinhood Chain. Uniswap's official documentation shows that related contracts include CCA Factory, LiquidityLauncher, and LBPStrategy, among others. Data shows that related contracts have generated hundreds of auction events and completed hundreds of token creations and migrations.Meanwhile, several tokens borrowing the concept of Pools have emerged in the market. Researchers point out that there is currently no official POOLS token, and any tokens named Pools, pools.trade, or UniFrog have not been confirmed by Uniswap Labs. Among them, the meme coin FRONG (which briefly surpassed a market cap of $7 million this morning, rising over 90% in 24 hours) has attracted attention for using a frog image similar to that in the Pools promotional video, but it is still just a community-issued token and not an official Uniswap project. The market is currently focused on whether Uniswap will officially open pools.trade, announce the first official issuance project, and release verified official contract addresses.
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