
AMMs are byproducts of previous generation blockchains.

→ Low throughput
→ Expensive compute
→ High latency

All of that changes with MegaETH, where everything can be a CLOB. Even your lending markets.


We didn’t choose AMMs because they were better. We chose them because there was no other choice.

Back in 2020, every DeFi primitive like spot trading, perps, lending relied on one simple mechanism: deterministic curves like xy=k.

Not because it was the best design — but because it was the only one blockchains could actually support at the time. Nothing else could scale.

And the users? Mostly whales and funds with enough capital to ignore the inefficiencies. Slippage, impermanent loss, MEV — it all just got absorbed. No one had a strong incentive to push harder.

So we settled.

DeFi exploded in usage and TVL, but the underlying models stayed stuck. Over time, we stopped asking, “Is this the best we can do?” and started assuming, “This must be the way.”

But AMMs were never the way.

It was a clever workaround for immature infrastructure. A bridge to something better.

Uniswap v3 was one of the first signs of evolution. It proved that deeper capital efficiency was possible.

Now we’re seeing perps move from AMM-style liquidity to CLOBs — a design closer to traditional finance. Why? Because it’s simply more efficient.

The truth is: the tech has finally caught up. We’re no longer constrained by block space. We can build smarter, faster, more modular systems.

If we want real DeFi adoption beyond just degens and whales, we have to rethink the foundations.

AMMs were the bridge.
Now it’s time to cross it.