Brief History

Orderbook, Automated Market Maker, Bancor, Uni, Curves, Copycat AMMs, Efficiency, Marginal Improvements

Current State

Uniswap clear leader, Balancer is tackling efficiency from another angle, Curve, Aggregators, other chains copy

What KPIs to look for?

Trading Volume (Trend) compared to other DEXs – especially trades routed to DEXs.

Future State

Innovation on Ethereum, top teams & projects are being integrated, liquidity still flexible but won’t switch all the time at some point because professionals won’t check new code every time and try to get new tokens.. but rather facilitate B$ trading every day..