Yup -- totally agree.
They do have their use cases, but are more like "really simple market making bot, if that happens to be a thing you need" than "exchange".
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had a great article on this topic too.
My TLDR: Being LP in AMM works for stable coin focussed platforms like
medium.com/dragonfly-rese
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Why should presence of arbitrageurs *necessarily* make prices non mean reverting.
They can both co-exist.
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The problem is that if you LP in an AMM, and markets move, you get filled at the _old, pre-move_ price. It's not that markets have momentum--it's that you're _already_ underwater.
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