The sleeper trade in tokenized equities on @solana might be pools. Prop AMMs will win the majors, but the long tail still needs passive liquidity before market makers quote every asset. In addition, pools are highly complementary to the prop AMM model. They act like the resting depth/backstop you see in a traditional CLOB, which remains important for market structure even when the best bid/ask is set by aggressive prop AMMs. It also makes prop AMMs more capital efficient. If pools provide the backstop liquidity, makers can focus capital on competing for top-of-book pricing, which means tighter spreads and better execution for users. So I don’t think pools are going away. If tokenized equities scale, they likely earn far more fees than consensus expects.