Automated market makers are dead By Cointelegraph

Automated market makers are dead

Cryptocurrency Jun 22, 2021 06:40AM ET

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Automated market makers are dead

Billions of dollars have flowed into decentralized exchange protocols based on the automated market maker (AMM) model, which bootstraps network effects by incentivizing liquidity with project tokens, thereby creating a self-contained ecosystem of traders and yield earners.

This mechanism has allowed decentralized exchanges (DEXs) to compete for the first time with centralized counterparts, such as Coinbase, which can afford to use cash from their balance sheet to pay for user acquisition (e.g., through sign-up and referral bonuses). As a result, AMMs have been hailed as the cornerstone of decentralized finance (DeFi), spawning multiple permutations and sparking the yield-farming trend that has helped draw billions of U.S. dollars into smart contracts.

Anthony Foy is the CEO and co-founder of Qredo Ltd, where he leads the development of Qredo's decentralized digital asset management infrastructure. Foy is a digital veteran with over 20 years of experience in building VC-backed frontier tech companies. His first startup was acquired by IBM (NYSE:IBM) six months after its IPO, and he then joined the founding team at BroadBase Software, which went from $0 to $125 million in revenue in two years before going public.

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Automated market makers are dead

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