Uniswap founder says tokenization is reshaping liquidity, favors AMMs

Uniswap founder Hayden Adams said real-world asset tokenization is dismantling traditional market-making structures and could make automated market makers, or AMMs, central to financial markets. In a post on X, Adams said tokenization is going beyond a simple infrastructure upgrade and is fundamentally changing both liquidity providers and the assets being traded. Adams added the U.S. SEC has approved stock token trading by Nasdaq and the New York Stock Exchange, while the Depository Trust & Clearing Corporation has also conducted live trading tests. Unlike traditional market makers, blockchains are making capital more fluid, Adams said. Adams added a Uniswap pool on the previously launched Robinhood Chain, consisting of 10 stock tokens and SPY, an ETF tracking the S&P 500, recorded $33 million in trading volume in 12 days. Adams described AMMs as an early-stage technology with significant room for development.