Uniswap DEX: How a Decentralized Exchange Actually Moves Value — and Where It Breaks
Surprising opening: more of the market’s price discovery on Ethereum now happens against algorithmic pools than against central order books. That’s not because AMMs are mystical—it’s because designs like Uniswap encode continuous price-setting into smart contracts, making liquidity portable and composable across defi infrastructure. For a US-based trader or liquidity provider, that changes both the…