Thesis

Why Standard?

Problem

In Defillama, there is less than 20 days where an AMM's volume exceeded the capital. Uniswap gave

Solution

AMM like Uniswap is not for trading with maximum capital efficiency. It is rather for verifiable inventory management that there is enough liquidity to trade assets on chain. Ensuring that there are enough liquidity to trade an asset is valuable, but Standard can achieve the same thing with more capital efficiency.