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 🧵👇
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