Скачать или смотреть The Art of AMM 🦄 Антон Буков, co-founder 1inch

At Cyber Academy & ‪@cp0xcrypto‬ event in Buenos Aires, Anton Bukov — co-founder of ‪@1inch_swap‬ — broke down why traditional AMMs suffer from idle liquidity, fragmentation, and locked capital.

https://cyberacademy.dev/en/blog/art-...

He presented Aqua — a shared liquidity layer that lets LPs keep assets in their own wallets, unlock capital, connect the same liquidity to multiple AMM strategies, and significantly boost capital efficiency without competing on TVL.

00:00 – Intro
01:08 – What is capital efficiency?
02:09 – Idle liquidity: 95% of Uniswap v2 liquidity not used in swaps
03:29 – Fragmentation of liquidity & “locked” capital problem in AMMs
04:52 – New vision: capital stays on LP wallet, intro to Aqua as shared liquidity layer
06:04 – How Aqua works: virtual balances, strategies, pull/push access to LP funds
07:32 – Shared & unlocked liquidity
10:21 – Risks, impermanent loss & technical nuances
11:09 – Redefining capital efficiency
13:18 – How Aqua lets LPs earn even on arbitrage flow
14:49 – Building the “best AMM” on top of Aqua
15:41 – What is SwapVM? Swap virtual machine as architecture, not L1
22:42 – Fee logic as separate instruction & invariants
22:45 – Concentrated liquidity via instructions, gas trade-offs & growing range
24:19 – Maintaining range
25:11 – MoneySwap idea: Dutch auction for arbitrage, redistributing profit to LPs
26:09 – How LPs capture value
28:39 – Building your own AMM vs using Swap VM
31:45 – Q&A: safety, malicious strategies, underutilization & limit-order analogy
37:04 – Q&A: frontends, widgets, audits & TVL competition vs shared liquidity
39:02 – Q&A: hooks, callbacks, custom logic & Aqua simulator for debugging
41:44 – Q&A: main barriers to adoption & why the economics should win

#1inch #aqua #defi