Wu said he learned that Uniswap founder Hayden Adams posted that as the tokenization wave of real-world assets (RWAs) advances, automated market makers (AMMs) are ushering in a clear path to dominate global financial markets. Adams pointed out that traditional market makers consolidate vertically to monopolize high profits and pursue expensive Delta-neutral hedging, whereas blockchain decouples execution, custody, and settlement, significantly lowering the barriers to market making. In on-chain ecosystems, liquidity naturally tends toward “Correlated Pairs,” and only a small number of highly liquid “bridge pairs” (such as SPY/USD and ETH/USDC) are needed to connect to the dollar channel. Because market makers holding correlated assets bear lower inventory risk, passive AMMs can replace traditional high-cost market-making strategies at extremely low capital cost.