Wu said that Uniswap founder Hayden Adams posted a rebuttal to the view that "AMM is unsustainable," stating that AMMs remain competitive under different market structures: in low-volatility trading pairs, AMMs can provide relatively stable returns for low-cost participants, enough to suppress the higher funding costs of professional market makers; in high-volatility long-tail assets, AMMs are still almost the only scalable liquidity provision solution. LPs often come from project teams or early supporters, with the goal of establishing liquidity rather than pursuing extreme Delta-neutral market making, which is more effective than paying market makers option-style fees.