brimigs(@brimigs):Uniswap-style AMMs lose traders money on stablecoin swaps. Not from fees — from math. x*y=k spreads liquidity across every price from zero to infinity. But USDC/USDT trades at $1 — so almost all of that liquidity sits where no trade will ever happen, and traders eat the difference as slippage. Curve's StableSwap invariant fixes this: flat near the peg (nearly zero slippage), constant product at the extremes (pool can't be drained). New whiteboard video: the math visualized side by side, then building a working stable swap AMM on Solana with Rust and Anchor. Full video linked in this thread 🧵👇

2026.08.31 19:57

Uniswap-style AMMs lose traders money on stablecoin swaps. Not from fees — from math. x*y=k spreads liquidity across every price from zero to infinity. But USDC/USDT trades at $1 — so almost all of that liquidity sits where no trade will ever happen, and traders eat the difference as slippage. Curve's StableSwap invariant fixes this: flat near the peg (nearly zero slippage), constant product at the extremes (pool can't be drained). New whiteboard video: the math visualized side by side, then building a working stable swap AMM on Solana with Rust and Anchor. Full video linked in this thread 🧵👇