{"id":52463,"date":"2025-03-24T14:35:19","date_gmt":"2025-03-24T14:35:19","guid":{"rendered":"https:\/\/www.elixirr.com\/en-us\/?p=52463"},"modified":"2025-10-30T14:50:40","modified_gmt":"2025-10-30T14:50:40","slug":"part-2-will-automated-market-makers-amms-disrupt-the-traditional-order-book-model","status":"publish","type":"post","link":"https:\/\/www.elixirr.com\/en-us\/part-2-will-automated-market-makers-amms-disrupt-the-traditional-order-book-model\/","title":{"rendered":"Part 2: Will Automated Market Makers (AMMs) disrupt the traditional order book model?"},"content":{"rendered":"\n

Introduction<\/strong> <\/h2>\n\n\n\n

In part one, we explored the market-making landscape and began to unpack how Automated Market Makers (AMMs) function. In part two, we will examine in greater detail the benefits and drawbacks of trading with AMMs, as well as how a favorable regulatory environment could present an unprecedented opportunity for banks to enter the space. <\/p>\n\n\n\n

What are the pros and cons of AMMs?<\/strong> <\/h2>\n\n\n\n

AMMs function by being built on blockchains, using the technology to enable and track deposits into the liquidity pools, facilitate the transfer of assets and minimize trust required between counterparties. This comes with a number of inherent positives and negatives which are worth keeping in mind.  <\/p>\n\n\n\n

Pros<\/strong> <\/h2>\n\n\n\n

The key benefit to using an AMM, apart from the broadening of market participants able to engage in market making, is optimized liquidity. By definition, order books only have liquidity at a narrow range around the converged upon market price, causing slippage if large orders are placed. Modern AMMs use something called concentrated liquidity<\/em>, in which they concentrate the liquidity in a pool around a price range of an asset, causing liquidity at common price levels to be deeper, and capital up to 40 times more efficient<\/a>. This increased capital efficiency not only paves the way for low slippage trading which can surpass most CLOB models<\/a>, but also helps banks to optimize collateral and meet regulatory requirements. Additionally, even smaller trades can experience slippage in traditional order book systems if there are not enough limit orders to fill a trade, whereas small trades are highly unlikely to experience noticeable slippage in an AMM as the pool provides immediate liquidity at the market price. <\/p>\n\n\n\n

Cons<\/strong> <\/h2>\n\n\n\n

There are two key forms of drawbacks to AMM adoption; implementation risk and systemic limitations. The critical risk for firms looking to enter the AMM space, is the cost and risk of replacing legacy systems which have been designed to feed into CLOB-based structures. Front-office transformation is historically expensive and time-consuming, so implementing the infrastructure necessary to enable AMMs would carry significant investment risk.  <\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

The most immediate systemic limitation for AMMs transacting on top of the blockchain is latency. To be able to meet the demands of the modern market participants, any system used for trading must be able to handle hundreds of millions of transactions at any given moment. Traditionally, blockchains have been plagued by slow transaction time due to the complex computing operations which have to happen in the background. In DeFi, this is thought of as the scalability trillema, a common blockchain thought experiment<\/a>, in which anything built on-chain must choose only two of security, scalability (read, speed) and decentralisation, and pick which attribute to trade off. However, if banks choose to enter this space, we can assume the blockchain being built on is proprietary and centralized, meaning we implicitly choose to trade off decentralisation for scalability. Hence, a bank or financial institution building an AMM on a centralized blockchain may go some way to solving this scalability issue. Indeed, driving enough scalability would also go some way to mitigating the investment risk discussed above, as the AMM may be able to generate enough revenue to provide significant ROI. <\/p>\n\n\n\n

In summary, DeFi and AMMs have removed the need for a centralized counterparty in executing and pricing trades, offering an opportunity for markets to move towards laissez-faire economic ideals. Rather than relying on intermediaries and market makers, the market systemically makes a market at a price which suits all market participants. Despite this, some of the fundamental downsides of transacting on the blockchain as well as implementation risks, provide some challenges for large-scale financial market infrastructure adoption. <\/p>\n\n\n\n

How is the landscape shifting?<\/strong> <\/h2>\n\n\n\n

In truth, seeing AMMs become the prevalent method of exchange would require a fundamental shift within financial market infrastructure, supported by a favorable regulatory environment. However, this does not preclude AMMs from baring a significant first-mover advantage for traditional finance institutions. <\/p>\n\n\n\n

The Trump presidency has signaled a large regulatory shift<\/a> deemed favorable for digital asset classes. Whereas the outgoing SEC Chair Gary Gensler was critical of digital assets, Trump\u2019s nominee Paul Atkins is already looking at a policy of deregulation. While many may focus on the trading of digital assets themselves due to their volatility and eye-catching charts, delivering a trustworthy, reliable and reputable platform for trading these assets may be undervalued. Therefore, there could be an opportunity for firms to explore how to efficiently provide digital asset markets to both institutional and retail clients using AMMs. <\/p>\n\n\n\n

What should firms be thinking about?<\/strong> <\/h2>\n\n\n\n

Whilst the order book is unlikely to disappear any time soon, firms should continue to be pragmatic in assessing the uses of emerging technologies. We have seen a number of firms successfully adopt digital asset technology for various use-cases, including J.P Morgan\u2019s Kinexys <\/em>blockchain which has serviced upwards of $2 trillion in transaction volume<\/a>, HSBC\u2019s FX Everywhere<\/em> which has settled $2.5 trillion in FX volume<\/a> since 2018, Goldman\u2019s Digital Assets Platform<\/em> which issued the first on-chain bond in 2023<\/a>, and Citi\u2019s Integrated Digital Assets Platform<\/em> which offers centralized token issuance.  <\/p>\n\n\n\n

We can see that the digital asset space is once which banks are keen to play in, but none have yet taken the opportunity to leverage AMMs to provide a digitally-native method of exchange, and realize the benefits we have discussed here. Whilst traditionally fully decentralised, in theory a semi-centralized system could exist in which firms facilitate an AMM, collecting trading fees and paying a proportion to liquidity providers. This allows firms to benefit from the increased efficiency of AMMs whilst mitigating their usual regulatory risk and scalability issues. This centralisation of technology previously considered decentralised has been proven, as in the case of Kinexys<\/a>, attracting customers with increased trust and regulatory efficacy. <\/p>\n\n\n\n

In summary, whilst the CLOB will not cease to exist in the near term, the success of trading infrastructure in DeFi means that change is likely coming, especially in digital asset classes. We know that both trader behavior and regulators\u2019 priorities cannot always be predicted, and so it is key that banks look at how adopting a hybrid model could be accretive to their bottom lines. CLOBs can continue to provide larger trading volumes in traditional liquid markets and access to legacy data, whilst AMMs can increase price stability and provide quicker access to digital asset markets and liquidity. This hybrid approach allows banks to capitalize on a lucrative and competitively advantageous space of AMMs, whilst retaining the steadiness of CLOBs.<\/p>\n\n\n\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

Introduction  In part one, we explored the market-making landscape and began to unpack how Automated Market Makers (AMMs) function. 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33.6111 18.3543 33.4454C17.7167 33.0759 17.3203 32.3585 17.3203 31.5797V15.8189C17.3203 15.0379 17.7167 14.3227 18.3543 13.9531C18.6442 13.7827 18.9735 13.6951 19.3078 13.6994C19.6421 13.7037 19.9692 13.7998 20.2548 13.9776L33.4237 22.0406C33.6981 22.2166 33.9244 22.461 34.0812 22.751C34.238 23.0409 34.3203 23.3668 34.3203 23.6982C34.3203 24.0295 34.238 24.3555 34.0812 24.6454C33.9244 24.9353 33.6981 25.1798 33.4237 25.3558L20.2527 33.421C19.9604 33.6017 19.6256 33.6979 19.2841 33.6992Z\" fill=\"currentColor\"\/>\n<\/g>\n<\/svg>\n<\/span> <\/div>\n <\/figure>\n <div class=\"wp-component-card__content edwp-row-load\">\n <p class=\"wp-component-card__eyebrow\">\n Articles <\/p>\n <a href='https:\/\/www.elixirr.com\/en-us\/part-2-will-automated-market-makers-amms-disrupt-the-traditional-order-book-model\/' class='wp-component-card__title'>\n <h2>\n Part 2: Will Automated Market Makers (AMMs) disrupt the traditional order book model?\n <\/h2>\n <\/a> <div class=\"wp-component-card__description\">\n Introduction  In part one, we explored the market-making landscape and began to unpack how Automated Market Makers (AMMs) function. In part two, we will examine in greater detail the benefits… <\/div>\n <div class=\"wp-component-card__meta\">\n <p class=\"wp-component-card__date\">\n 24 March 2025 <\/p>\n <div class=\"wp-component-card__terms\">\n <div class=\"wp-component-tags edwp-component\">\n <div class=\"wp-component-tags__tag\">\n Financial Services <\/div>\n <\/div>\n <\/div>\n <\/div>\n <div class=\"wp-component-card__button-wrapper\">\n <button class=\"btn btn--link arrow wp-component-card__button\">\n Read more <span class='edwp-svg '><svg width=\"20\" height=\"20\" viewBox=\"0 0 20 20\" fill=\"none\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\">\n<g id=\"Lg\">\n<path id=\"Vector\" d=\"M1.12509 9.50162H15.8648L9.43259 3.06941C9.374 3.0113 9.3275 2.94216 9.29576 2.86599C9.26403 2.78981 9.24769 2.70811 9.24769 2.62559C9.24769 2.54307 9.26403 2.46137 9.29576 2.38519C9.3275 2.30902 9.374 2.23988 9.43259 2.18177C9.54971 2.06535 9.70814 2 9.87328 2C10.0384 2 10.1969 2.06535 10.314 2.18177L17.8151 9.6829C17.8737 9.74101 17.9202 9.81014 17.9519 9.88632C17.9837 9.96249 18 10.0442 18 10.1267C18 10.2092 17.9837 10.2909 17.9519 10.3671C17.9202 10.4433 17.8737 10.5124 17.8151 10.5705L10.314 18.0717C10.1975 18.1871 10.0404 18.2522 9.87641 18.2529C9.79414 18.2534 9.71259 18.2376 9.63643 18.2065C9.56027 18.1754 9.491 18.1296 9.43259 18.0717C9.374 18.0135 9.3275 17.9444 9.29576 17.8682C9.26403 17.7921 9.24769 17.7104 9.24769 17.6278C9.24769 17.5453 9.26403 17.4636 9.29576 17.3874C9.3275 17.3113 9.374 17.2421 9.43259 17.184L15.8711 10.7518H1.12509C0.959309 10.7518 0.800312 10.686 0.683084 10.5687C0.565857 10.4515 0.5 10.2925 0.5 10.1267C0.5 9.96093 0.565857 9.80193 0.683084 9.68471C0.800312 9.56748 0.959309 9.50162 1.12509 9.50162Z\" fill=\"#1D0F25\"\/>\n<\/g>\n<\/svg>\n<\/span> <\/button>\n <\/div>\n <\/div>\n<\/article>\n","_links":{"self":[{"href":"https:\/\/www.elixirr.com\/en-us\/wp-json\/wp\/v2\/posts\/52463","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.elixirr.com\/en-us\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.elixirr.com\/en-us\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.elixirr.com\/en-us\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/www.elixirr.com\/en-us\/wp-json\/wp\/v2\/comments?post=52463"}],"version-history":[{"count":2,"href":"https:\/\/www.elixirr.com\/en-us\/wp-json\/wp\/v2\/posts\/52463\/revisions"}],"predecessor-version":[{"id":58568,"href":"https:\/\/www.elixirr.com\/en-us\/wp-json\/wp\/v2\/posts\/52463\/revisions\/58568"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.elixirr.com\/en-us\/wp-json\/wp\/v2\/media\/52460"}],"wp:attachment":[{"href":"https:\/\/www.elixirr.com\/en-us\/wp-json\/wp\/v2\/media?parent=52463"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.elixirr.com\/en-us\/wp-json\/wp\/v2\/categories?post=52463"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.elixirr.com\/en-us\/wp-json\/wp\/v2\/tags?post=52463"},{"taxonomy":"related_service","embeddable":true,"href":"https:\/\/www.elixirr.com\/en-us\/wp-json\/wp\/v2\/related_service?post=52463"},{"taxonomy":"related_industry","embeddable":true,"href":"https:\/\/www.elixirr.com\/en-us\/wp-json\/wp\/v2\/related_industry?post=52463"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}