thejohnnycrypto on Nostr: “They look like just another AMM from the user’s perspective, but they behave ...
“They look like just another AMM from the user’s perspective, but they behave more like on-chain market makers,” he said. One of the most useful clarifications I heard was that a lot of AMMs…aren’t really AMMs anymore.
That was Chris C., CEO & Co-Founder from Ghost, speaking at Solana Breakpoint 2025.
He explained that most swap volume now flows through what he called “prop AMMs.” They look familiar on the surface, but under the hood they behave like proprietary trading firms.
What stood out:
• Active quoting replaces passive curves
• Inventory is actively managed
• Pricing changes based on transaction structure
• Execution depends on who’s trading and how
It made a lot of confusing execution outcomes suddenly make sense.
If you’re trading or building on-chain, this shift feels important to understand.
Follow me - for grounded insights on how digital assets are reshaping finance and how to ledger them. #thejonnnycrypto #bitcoin #stablecoin #staking #sol #solana
Published at
2026-01-13 22:55:22 UTCEvent JSON
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