Uniswap founder sees tokenization as AMMs’ next big test

Uniswap founder Hayden Adams recently highlighted that automated market makers (AMMs) are essential for providing the liquidity necessary to support the growing ecosystem of tokenized real-world assets (RWAs). While AMMs currently facilitate over $10 billion in daily digital asset transactions, they remain in the early stages of their evolution, with liquidity often concentrated among a small group of professional participants. As of January 2026, approximately $18 billion in distributed RWAs exist on public blockchains, a significant increase from 2022 levels, largely driven by tokenized U.S. Treasuries like BlackRock’s BUIDL fund. However, tokenization alone does not guarantee liquidity, as many assets remain restricted to accredited investors with limited secondary market activity. The Depository Trust & Clearing Corporation (DTCC) is preparing to launch its own tokenization service in October 2026, signaling a shift toward integrating traditional market infrastructure with digital assets. Meanwhile, industry groups like SIFMA are urging the SEC to regulate AMMs based on their functional roles in price discovery and settlement rather than their underlying technical architecture. The future of on-chain market-making depends on whether these protocols can meet regulatory standards for surveillance and investor protection while maintaining their decentralized efficiency.