Marc Arjoon, CFA 🟪(@marcarjoon):You’d expect tokenized commodities to favor RFQs or PropAMMs. So why is ~93% of spot DEX volume on CLMMs? Because the category is highly concentrated. Gold dominates the category (98%), @ethereum dominates the flow (90%), and @Uniswap dominates the venue (85%). Market structure follows liquidity.

Marc Arjoon, CFA 🟪

@marcarjoon

Research @blockworksres Prev: @coinsharesco @ubs

Joined November 2014

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Marc Arjoon, CFA 🟪@marcarjoon

2026.07.31 13:41

You’d expect tokenized commodities to favor RFQs or PropAMMs. So why is ~93% of spot DEX volume on CLMMs? Because the category is highly concentrated. Gold dominates the category (98%), @ethereum dominates the flow (90%), and @Uniswap dominates the venue (85%). Market structure follows liquidity.