Wu Shuo learned that Imran Khan, founding partner of Alliance DAO, pointed out in a post that Automated Market Makers (AMMs) are quietly competing to dominate the infrastructure of token launch platforms (Launchpads). The competition focuses on differentiated bonding curves, anti-front-running mechanisms, and refined fee frameworks. Successful AMMs are expected to build moats and generate substantial revenue, but their long-term advantages remain uncertain. It is anticipated that AMMs will design mechanisms to extend the binding period with launch platforms.