Price discovery doesn't happen on AMMs. They're always playing catch-up.
Katia Banina, CEO of Bebop, drops truth: AMMs built DeFi, but they're fundamentally reactive. Real price action starts elsewhere—CEXs, aggregators, arb bots—then AMMs adjust.
This is why you get rekt on volatile moves. By the time Uniswap reflects the real price, smart money already front-ran you.
AMMs = liquidity infrastructure, not alpha source. Know the difference.
Katia Banina, CEO of Bebop, drops truth: AMMs built DeFi, but they're fundamentally reactive. Real price action starts elsewhere—CEXs, aggregators, arb bots—then AMMs adjust.
This is why you get rekt on volatile moves. By the time Uniswap reflects the real price, smart money already front-ran you.
AMMs = liquidity infrastructure, not alpha source. Know the difference.