Strong disagree with this
1) low volatility pairs: AMM wins easy bc it’s stable yield for people with low cost of capital that undercut professional market makers with high cost of capital
2) high volatility long tail: AMM wins easy, basically the only game in town. Other

Guess what? All AMMs can't ever be sustainable for a simple reason:
LPs aren't getting paid enough fees. Period.
That deficit is structural: fees scale with realized volatility, but any seller of convexity needs to get paid on implied volatility to survive bc IV>RV x.com/0xlukasinho/st…

GEE-yohm LAMB-bear

Twitter

Bitcoin's price briefly touched $60,000 last week. Under a diminishing returns model, this is no mere noise. The market is touching the weakest link in the entire four-year cycle and logarithmic growth framework.

With the gains at the top of the Bitcoin cycle already significantly compressed, a further historically deep correction would completely negate the allure of its classic cycles.

This is not a prediction; it's a mathematical law.

Cycle Top Gains are Compressing

Historical Bitcoin Cycle Tops:

· 2013: ~$1,242

· 2017: ~$19,700

· 2021: ~...

$55,000 will be the lifeline for Bitcoin.

The U.S. Department of Justice (DOJ) has announced a 20-year prison sentence for Daren Li, 42, for his involvement in a global cryptocurrency investment scam. Notably, the sentence was...

The ringleader of a cryptocurrency scam worth approximately $74 million has been sentenced to 20 years in prison.

Bitcoin rose as much as 3.3% to $71,000 last night, following the performance of US stocks, but faced heavy selling pressure after the close, currently trading at $70,289. Ethereum briefly broke through […].
The article, titled "Bitcoin and US Stocks Surge to $71,000, Ethereum Fluctuates and Falls Back to $2,150, Bitmine BlockTempo the Opportunity to Buy the dips 80 Million ETH," was originally published on BlockTempo, the most influential ABMedia media.

Bitcoin surged to $71,000, mirroring the rise in US stocks, while Ethereum fluctuated and then fell back to $2,150. Bitmine buy the dips the opportunity to buy 80 million worth of ETH.

Agree with you there and I didn’t want this to be taken the wrong way:  I’ve always been an AMM maxi and am definitely not on the CLOB/propAMMs side.
My point was about the structural inefficiencies of AMMs: LPs have to ultimately survive in the long run.
Impermanent loss or