Remember that "AMMs will/won't work at scale" debate from over the summer?

I think AMMs can take the W now

The power of superfluid collateral is playing out most notably with @AlphaFinanceLab's leveraged yield farming

LPs are able to market make with multiple times the principal capital they put up since their LP shares also act as collateral https://twitter.com/Rewkang/status/1283044812778864645

@CreamdotFinance will take this even further by opening-up even more potential yield farming combinations with their Uniswap LP and Sushiswap LP money markets

This will make market making more profitable and thereby increase DeFi liquidity - Win/Win! https://twitter.com/CreamdotFinance/status/1355113547143888901

All of this is not possible in the same way with orderbooks

At best, MMs can lever up via lenders that provide capital b/c of trust. But trust is not as scalable as secured trustless systems

This is why AMMs will continue to eat market share and revolutionize markets