I agree that you should pay attention to AMMs and learn about them!
You definitely should! DeFi is paying people $3mm/day to do so, so it's financially a great decision.
Also AMMs are generally worse than orderboks.
Both of those are true.
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Retail adoption is super important! But I'm not sure that retail "liquidity" is, at least as you're using it.
Retail trades on Robinhood, and IB, and Binance, and Coinbase. None of those are AMMs-- those are all retail taking and MMs making.
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I don't think many systems in the world really have retail providing liquidity -- whether it's trading or clothing or electronics or lumber or pens.
Providing liquidity is hard!
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So:
1) Serum already has tons of liquidity
2) AMMs aren't bad for HFTs. They're great for HFTs! Tons of stuck dumb provides just waiting to be traded against when markets move. AMMs are bad for *retail takers* who have to pay huge taker fees needed to protect AMMs.
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really confused by that last point, not sure where it's coming from or who it's intended towards
and yeah, it's a commodity! And those most efficiently able to provide it should do so.