Hayden Adams, founder of Uniswap, stated in a post that with the advancing wave of tokenization for Real‑World Assets (RWA), Automated Market Makers (AMMs) are on a clear path toward dominating global financial markets. Adams pointed out that traditional market‑makers monopolize high profits through vertical integration and pursue costly delta‑neutral hedging. In contrast, blockchain decouples execution, custody and settlement, greatly lowering barriers to market‑making. Within the on‑chain ecosystem, liquidity naturally gravitates toward “Correlated Pairs”. Only a small number of high‑liquidity “bridge pairs” (such as SPY/USD, ETH/USDC) are needed to connect to USD channels. Since market‑makers holding correlated assets bear lower inventory risk, passive AMMs can replace expensive traditional market‑making strategies at very low capital costs.