Uniswap founder Hayden stated in a post that AMM has the potential to become the core engine of financial markets, and tokenization will make the market programmable. Since its launch in 2018, Uniswap has accumulated trading volume exceeding $4.6 trillion, driving decentralized exchanges to account for over 20% of centralized spot trading volume. Citadel Securities handles approximately 25% of US stock trading volume, with net trading revenue of $12.2 billion and trading capital of approximately $21 billion last year. Hayden believes that blockchain can break down traditional market making businesses, and the scarce element of AMM capital is the capital itself. On Robinhood Chain, 10 tokenized stocks in the Uniswap fund pool were traded with SPY, with a trading volume of $33 million and over 11000 users within 12 days of launch. Uniswap v4 Hooks support market customization, and DualPool Hooks can use passive AMM funds to earn lending returns.
