thinking how AMM maybe could be very different.
In a future on-chain world, most stablecoins will be moatless. Because stablecoin A has the same value as stablecoin B (or very close).
Nobody will care what stable they will hold. Not even know its name. We crypto nerds know stablecoin names, but why should retail?
Do you call your USD cash account in a bank account USD bank cash? No you don't. You think it's USD, even if it's private money.
So liquidity in a future on-chain trading place will be different USD stablecoins, where LP can tell the system which coins they accept as equal, if their liquidity is in stablecoin A/B or C, they don't care.
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