Uniswap Founder: Tokenization Will Reshape Market Making, AMM Still in Early Stages

Adams' framing shifts the debate from AMM mechanics to the demand side of tokenized assets. If real-world assets arrive in volume, the liquidity bottleneck moves from price discovery to inventory management and settlement finality, areas where current AMM designs are untested. The significance lies in whether DeFi's permissionless infrastructure can absorb institutional-grade token flows without fragmenting liquidity. What matters next is observable: whether AMM protocols adapt their curve designs and capital efficiency to accommodate slower, less volatile tokenized assets, or if centralized venues capture that order flow first.