this picture helped me to better visualize what i already know

the end game will be aggregators that execute against both DEX orderbooks + liquidity pools to have maximum liquidity

CEX models can include that liquidty on top of their off-chain orderbooks

same for OTC brokers https://twitter.com/js_horne/status/1222602997886111744

OTC and CEX models are walled gardens, so uninteresting and mostly uninvestible

DEX orderbooks already have several types, but tbh i also find them very uninteresting from my pov

DEX AMMs has @UniswapExchange @Bancor, the new entrant @CurveFinance and future @thorchain_org

. @UniswapExchange and @CurveFinance are most alike since there is no public "equity" to punt on their success, so uninvestible

they probably will add in something somewhere to siphon out profits to keep their projects sustainable and maintained - which imo they rightly should do

. @Bancor and @thorchain_org are the next most alike since they have a "project token" that serves as the "equity" to punt on their success, so "investible"

the interesting thing here is you are not only punting on volume and fees, but also AUM growth aka liquidity in the pools

just like how we saw several trading protocols adjust their lending curve to optimize their lending / borrowing activity

i think that we will see more types of AMM projects, optimization for different token types (ala Curve) and replacement / upgrading of existing models

obviously i am biased with @thorchain_org but i see them being very uniquely positioned:

- chain agnostic (larger potential for play on AUM growth)
- different AMM model (CLP instead of XYK)
- independent and safe economic design (thornodes)

i think gradually we will see the entire crypto space (BTC et al), not just Ethereum, have a mindset shift,

that they will have an expectation to have their idle crypto assets working for them in some way or another. that's where trustless liquidity pools come in as an option.