# Maker-Run Venues Displace Passive Liquidity Pools

On-chain spot liquidity will keep moving from formula-priced pools to venues where a single professional maker updates quotes each block, which reduces arbitrage losses but concentrates price-setting in a few firms and raises the value of block ordering.

- Conviction: 40 / 100 (forming)
- Horizon: Emerging (watchlist)
- Tracking since: 2026-11-01T00:00:00.000Z
- Last updated: 2026-11-01T06:29:45.104Z
- Canonical: https://polylog.news/crypto/trends/proprietary-amms-displace-passive-pools
- Publisher: Polylog

## Recent evidence

- [confirms] Study of 92,627 trades finds maker-run "PropAMM" venues on Ethereum quote within the same block and take flow from slower pools (2026-11-01): Researchers decoded 92,627 fills over 30 days across nine Ethereum 'PropAMM' venues where one professional maker sets prices. They found these venues quote within the same block and take flow from slower passive pools, measured evidence that price-setting is moving to maker-run venues on the base layer.