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For sure, but is that a critique of AMMs?
AMM's simple asset balancing algorithm replaces many thousands of people who work for market makers, and programmatic oracles like AMM TWAP provide more objective market information than however many analysts.
I don't think it's a race to the bottom so much as replacing intermediaries from the perspective of consumers. If I want to trade two assets, it's easy to add any number of intermediaries into my transaction that decide what I should be paying (via market making, price analysts, collateral/escrow requirements and regulations, banking licenses, bribes for corrupt participants, etc etc etc).
Assuming AI doesn't get captured, it could play a similar role. Someone who needs a workflow to do a task won't have to work with a consultancy who subcontracts to a dev farm to build a tool (can imagine many more intermediaries here too), they could be empowered to produce the tool they need themselves. 1 reply
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