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The Rise of Prop AMMs on Solana
By
Anil Lulla•
The concept of a "prop AMM" may seem like a contradiction. AMMs by design are open, deterministic systems. Their role is to offer clear pricing curves, transparent pool balances, and trustless access to liquidity. Prop AMMs operate completely opposite. They quote prices privately, don’t operate frontends, rely on vault-based liquidity, and only execute through aggregators. We can basically refer to them as onchain market makers.
The irony of all of this is that even on a permissionless chain, liquidity provision is trending toward centralization, not in terms of access, but in terms of operational control and execution quality. I don’t necessarily think this violates decentralization per say, but rather reshapes what “participation” looks like. And that’s ultimately the direction the market has decided on.
In the next ~6-12 months I could very well see this trend continue, with the long-tail of prop AMMs all competing to capture that same asymmetric upside currently held by the select handful today.

The Future of Order-Book Liquidity (Part II - deUSD)
By
Anil Lulla•
Elixir introduces deUSD, a synthetic dollar backed by stETH and short ETH-PERP positions, enabling delta-neutral yield generation. Users can participate in Elixir’s ecosystem by supplying liquidity or using deUSD as collateral for market making. deUSD earns from stETH yield and perp funding, while an over-collateralized insurance fund (OCF) dynamically adjusts deUSD’s backing between basis trades and sDAI to manage risk. Minting/redeeming is done by authorized participants, while everyday users access deUSD via swaps on Curve. All yields initially go to the OCF, with user rewards subsidized by Elixir Potions.

Elixir: Democratizing Liquidity Provisioning in the Age of Orderbooks
By
Anil Lulla•
Elixir enables anyone to provide order-book liquidity. In the same way that Uniswap democratized access to liquidity provisioning via AMMs, Elixir wants to do the same for order-books.

The Future of On-Chain Liquidity
By
Anil Lulla•
Introduction Despite the adoption of Automated Market Makers (AMMs) in the DeFi space, numerous problems persist. Liquidity providers(LPs) enter the […]

Maverick Takes Aim at the DEX Landscape
By
Anil Lulla•
There’s a brand new DEX in town, and it’s quietly sitting among Ethereum’s top 5 DEXs by volume. Maverick Protocol has been off to a great start since its recent launch on Ethereum and zkSync.

Gary's Protection
By
Anil Lulla•
Gary’s Protection In spectacular fashion, the SEC has filed lawsuits against the two largest cryptocurrency exchanges, Binance and Coinbase, on […]
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