According to CoinMeta, the founder of Uniswap, Hayden, stated that relevant trading pairs are beginning to form, and the path for AMM to achieve global dominance is becoming clearer. In 1976, when Jack Bogle launched index funds, it raised $11.3 million; today, passive investments account for the majority of U.S. fund assets. Tokenization has endowed the market with programmability, and the cumulative trading volume of Uniswap has exceeded $4.6 trillion, driving the proportion of spot trading volume on decentralized exchanges to over 20%. Traditional financial markets are dominated by market-making firms, while Citadel Securities generated $12.2 billion in net trading revenue last year with a trading capital of $21 billion. Blockchain is breaking this business monopoly by introducing competition.