Marc Arjoon, CFA 🟪(@marcarjoon):Seems like @AerodromeFi is the most capital-efficient AMM. After reading the report by @Dune and @1inch, the key takeaway was that nearly a third of capital doesn't actually help liquidity and, perhaps even worse, earns nothing. It goes on to show that ~85% of capital is underutilized, foregoing ~$150M /yr in fees. Notably, this is an improvement on the 99% seen with previous AMMs. However, my takeaway was that Aerodrome was actually the least idle (thanks to its markets-based incentives design). Regardless, if we want these DEXs to compete on the global stage, more research and experimentation are needed.

2026.07.24 13:27

Seems like @AerodromeFi is the most capital-efficient AMM. After reading the report by @Dune and @1inch, the key takeaway was that nearly a third of capital doesn't actually help liquidity and, perhaps even worse, earns nothing. It goes on to show that ~85% of capital is underutilized, foregoing ~$150M /yr in fees. Notably, this is an improvement on the 99% seen with previous AMMs. However, my takeaway was that Aerodrome was actually the least idle (thanks to its markets-based incentives design). Regardless, if we want these DEXs to compete on the global stage, more research and experimentation are needed.

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