▼On-Chain Market Making Professionalizes

Score history

Daily conviction score, 0 to 100. Higher means the thesis is more strongly corroborated.

Now 24 · -2 since Oct 11 · ranged 24 to 26

Showing the last few days. Unlock full score history.

Why the conviction moved

• Oct 8
  Strengthened +2

  A third Ethereum Research post works out how proprietary market-maker pools would run on Ethereum. That points toward professional quoting firms that can price and decline flow, replacing passive AMM pools.

• Oct 2
  Strengthened +5

  A September preprint finds proprietary market-maker automated market makers delivered cheaper SOL/USDC execution than public pools in quiet markets, while returns to passive public-pool depositors require separate accounting. Peer-style empirical evidence that professional quoting lowers trader costs while leaving passive depositor returns unproven is the exact cost-versus-return split the thesis predicts, and it gives the trend a measured basis rather than anecdote.

Source trail

• Supporting · October 8, 2026

  Ethereum researchers price the cost of censorship under multiple proposers and warn of orphaned bytecode in state redesign

  A third Ethereum Research post works out how proprietary market-maker pools would run on Ethereum. That points toward professional quoting firms that can price and decline flow, replacing passive AMM pools.

  Ethereum Research

• Supporting · October 2, 2026

  Research Finds Professional Market-Maker Pools Cut Solana Trading Costs While Passive Liquidity Providers Lose Ground

  A September preprint finds proprietary market-maker automated market makers delivered cheaper SOL/USDC execution than public pools in quiet markets, while returns to passive public-pool depositors require separate accounting. Peer-style empirical evidence that professional quoting lowers trader costs while leaving passive depositor returns unproven is the exact cost-versus-return split the thesis predicts, and it gives the trend a measured basis rather than anecdote.

  CryptoSlate