What is the holy grail of AMM?
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really fast curve updates per LP
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its a central limit order book. a curve is a big pile of bids and asks at a continuous function. updating the curve per LP would require a price time priority queue for order fills.
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Limit orders are granular, & expressive of MM's price preference! But to run a full OB matching engine is expensive even for the likes of @CoinbasePro (let alone on-chain w gas).
I wrote on AMM and OB equivalence. Incl. a possible spectrum of designs: professorjey.com/assets/papers/
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