Uniswap Founder: Tokenization Will Reshape Market Making, AMM Still in Early Stages

Uniswap founder Hayden Adams said in a post that after nine years of DeFi practice, the path for AMM to become the core engine of global financial markets is increasingly clear. He noted that tokenization is not just an infrastructure upgrade, but also changes who makes markets and what assets are traded. The SEC has approved Nasdaq and NYSE to trade tokenized stocks, and DTCC also conducted a live test of tokenized trading in July.

Adams believes that traditional market makers vertically integrate capital, strategy, execution, settlement, and distribution, which is costly; blockchain breaks these components apart, making capital a scarce input. Liquidity providers who already hold related assets or are issuers themselves can take on inventory exposure at zero cost, thereby undermining professional market makers with lower capital costs. On-chain, a "related asset pair" model has naturally emerged (e.g., Ethereum ecosystem pairs against ETH, stablecoin pairs), as correlation reduces inventory risk and deepens liquidity.

He cited that on Robinhood Chain, 10 tokenized stocks have formed Uniswap pools with SPY, generating approximately $33 million in trading volume within 12 days of launch, with some trades executed directly between stocks without touching the dollar. Adams also stated that although Uniswap's cumulative trading volume has reached approximately $4.6 trillion, AMM is still in its early stages, with significant room for improvement in design and ecosystem development.