Hayden Adams vs. XTX Trader: AMMs vs. Zero

The exchange matters less for who is right than for what it reveals: the AMM model's original justification — bootstrapping liquidity in assets with no order book — does not obviously extend to tokenized equities, where professional market makers already compete on tight spreads. That a former prop trader would publicly call the model obsolete signals how contested the design space has become as tokenized stocks move from experiment toward infrastructure. Whether AMMs capture that flow or are displaced by order-book venues is the open question.