thinking how AMM maybe could be very different. In a future on-chain world, most stablecoin will be moatless. Because stabelcoin A has the same value as stabelcoin B (or very close). Nobody will care what stable he will hold. Not even know his name. We crypto nerds now stablecoins names, but why should retail? Do you call your USD cash account in a bank account USD bank cash? No you don't. You think its USD, even if its private money. So liquidity in a future on-chain trading place will be different USD stabelcoins, where LP can tell the system which coins they accept as equal, if their liquidity is in stabelcoin A/B or C, they don't care.
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