TL;DR:
- Hayden Adams, founder of Uniswap, argues that AMMs are the ideal infrastructure for the tokenized global market of $34.55 billion.
- Onchain deposits of real-world assets grew nearly sixfold in twelve months, rising from $650.88 million to around $3.98 billion.
- Uniswap already supports over 190 Robinhood stock tokens and launched Permissioned Pools with partners including Securitize, Superstate, and Dowgo.
Hayden Adams, founder of Uniswap, presented a structured argument for why AMMs —or automated market makers— should play a key role in the growth of tokenization that is reshaping global finance.
His thesis starts from a key distinction between blockchain architecture and that of traditional markets: while conventional systems bundle execution, custody, and settlement under a single entity, blockchains manage these layers separately, significantly lowering barriers for new participants.
My first blog post since 2019! https://t.co/XTpGSkEUSg
— Hayden Adams 🦄 (@haydenzadams) August 18, 2026
In traditional markets, that vertical integration concentrates activity among a handful of established firms with the operational capacity to sustain it. Adams argues that the decentralized model breaks that structure and democratizes access to liquidity provision.
AMMs as the Engine of the New Real-Asset Market
Adams positions AMMs as particularly well-suited for highly correlated asset pairs, where passive liquidity implies lower inventory risk and can compete on cost with large-scale professional desks. He also projects that passive AMM strategies will begin operating in the same space as index funds, as the migration of assets onchain continues to reorganize trading around related pairs and cross-chain routes.
The Uniswap founder has held this position since January, when he dismissed criticism from those who pointed to liquidity provider undercompensation as a structural flaw in AMMs, citing the growth of Uniswap pools as evidence that such liquidity is more reusable as collateral than available alternatives.
The market supports part of his argument. According to data from DeFiLlama, onchain deposits of real-world assets grew from $650.88 million to around $3.98 billion in twelve months. The total issued in the tokenized market reached $34.55 billion.
Uniswap, for its part, already supports over 190 Robinhood stock tokens and recorded $33 million in trades on a single tokenized SPY pair in twelve days. In July it launched Permissioned Pools, a hook from its V4 that restricts trading to wallets approved by the issuer, with Securitize, Superstate, and Dowgo as partners.
