ConceptExplored in depth · 4/5

AMMs as the passive index funds of trading

Hayden Adams' thesis, summarized by the guest, is that Automated Market Makers (AMMs) will dominate trading markets just as passive index funds came to dominate traditional finance.

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The story so far

CONTESTED · 206 MENTIONS · 98 EPISODES · 28 SHOWS

14 JUL 2025 — 25 AUG 2026 · 2D AGO

121 SUPPORT · 10 CHALLENGE · 75 MENTIONED

14 JUL 2025 · FIRST HEARD
MACRO MUSINGS WITH DAVID BECKWORTH
- Stablecoins as a marginal treasury demand source
53 EPISODES BETWEEN · 105 MENTIONS · 38 NOT KEPT
1. 38 EPISODES NOT SHOWN
2. 21 MAR 2026
  SMARTERMARKETS · 2 MENTIONS
  - Tokenization's institutional adoption accelerates
  - Traditional market infrastructure solid for DeFi integration
3. 23 MAR 2026
  ANIMAL SPIRITS · 5 MENTIONS
  - Bitcoin ETFs are a mature, permanent asset class
  - Crypto value shifts to utility and infrastructure
  - In-kind ETF creations democratize primary market access
  - Stablecoins as the bridge to traditional finance
  - Tokenization momentum building with institutional backing
4. 24 MAR 2026
  THE POMP PODCAST
  - Stablecoins as critical infrastructure for 24/7 settlements
5. 25 MAR 2026
  THE POMP PODCAST
  - Blockchain rails as a response to debanking, censorship
6. 30 MAR 2026
  BANKLESS
  - Crypto beyond Bitcoin for value creation
7. 30 MAR 2026
  MACRO MUSINGS WITH DAVID BECKWORTH
  - Dollar stablecoins threaten eurozone monetary sovereignty
8. 31 MAR 2026
  ON THE MARGIN · 5 MENTIONS
  - Open Money Stack: one API for global payments
  - Stablecoins solve global payroll for EORs
  - Blockchain's three core value propositions
  - AI agents will transact in crypto
  - Stablecoin cards as a major growth driver
9. 1 APR 2026
  FORWARD GUIDANCE · 3 MENTIONS
  - Skinny master accounts as a step for fintech innovation
  - Stablecoin inflows could lower the neutral rate
  - Tokenized deposits as a bank service evolution
10. 1 APR 2026
  THE JULIA LA ROCHE SHOW · 2 MENTIONS
  - Stablecoins and CBDCs reduce Fed's power
  - Stablecoins as a US geopolitical dollar-entrenching tool
11. 1 APR 2026
  THE POMP PODCAST
  - Corporate chains as a major 2024 theme
12. 6 APR 2026
  MACRO MUSINGS WITH DAVID BECKWORTH
  - Dollar stablecoins: pernicious and no additionality
13. 7 APR 2026
  ON THE MARGIN
  - Demo as the stablecoin onboarding ramp
14. 7 APR 2026
  BANKLESS · 5 MENTIONS
  - Tokenized securities as future broker-dealer offering
  - Tokenization as inevitable migration for equity markets
  - Tokenization unlocks massive equity market inefficiencies
  - Tokenization unlocks new issuer-investor utilities
  - Tokenized treasury market as a leading growth catalyst
15. 9 APR 2026
  ON THE MARGIN
  - Bridgeport as crypto's Plaid for institutions
16. 9 APR 2026 · CHALLENGES
  THE POMP PODCAST · 3 MENTIONS
  - Bitcoin's value is retail-driven, not institutional
  - Stablecoin yield faces political bank opposition
  - TradFi perps will fail due to broken clearing
17. 10 APR 2026
  REAL VISION DAILY BRIEFING
  - Financial system migrating to blockchain rails
18. 15 APR 2026
  WHAT BITCOIN DID · 2 MENTIONS
  - Bitcoin as the deglobalization settlement money
  - Bitcoin's long-term adoption via currency backing
19. 20 APR 2026
  ON THE MARGIN · 3 MENTIONS
  - Stablecoins as the new financial rail
  - Stablecoins' first wave: cross-border efficiency
  - Wallets as the critical crypto bottleneck
20. 23 APR 2026
  ON THE MARGIN · 2 MENTIONS
  - UR as blockchain-native account infrastructure
  - Blockchain rebuilds finance to reduce cost, unlock programmability
21. 22 JUL 2026
  REAL VISION DAILY BRIEFING
  - Clarity Act passage as short-term sell-the-news
22. 23 JUL 2026
  THE OPTIONS INSIDER RADIO NETWORK
  - Centralized swap clearing vs DeFi model
23. 23 JUL 2026
  UNCHAINED
  - Japan legal reforms unlock institutional crypto growth
24. 23 JUL 2026
  BANKLESS
  - The bottleneck in real-world assets: demand
25. 23 JUL 2026
  BLOOMBERG SURVEILLANCE
  - Tokenized market infrastructure for settlement efficiency
26. 25 JUL 2026 · CHALLENGES
  THE JULIA LA ROCHE SHOW
  - Clarity Act passage unlikely, forcing stablecoins offshore
27. 25 JUL 2026
  THE POMP PODCAST
  - Global adoption of stablecoins and tokenization accelerating
28. 27 JUL 2026
  ANIMAL SPIRITS
  - Stablecoins drive institutional efficiency across banking rails
29. 27 JUL 2026
  BANKLESS
  - Institutional TradFi adoption via marginal crypto primitives
30. 29 JUL 2026
  BANKLESS
  - Stablecoin supply projected to reach $2T by 2030
31. 29 JUL 2026
  UNCHAINED
  - Crypto infrastructure shifts from consumer to institutional adoption
32. 31 JUL 2026 · 4W AGO
  UNCHAINED · 3 MENTIONS
  - Superstate's tokenized equity as a crypto experiment
  - Permission pools enable compliant tokenized assets
  - Regulatory clarity as a platform for token innovation
33. 1 AUG 2026 · 4W AGO
  A16Z PODCAST
  - Blockchains enable a peer-to-peer Finance 2.0 upgrade
34. 3 AUG 2026 · 3W AGO
  MACRO MUSINGS WITH DAVID BECKWORTH · 3 MENTIONS
  - Stablecoins as a new, risky dollar class
  - Stablecoins undermine dollar's sanctions advantage · CHALLENGES
  - CBDCs and tokenized deposits over stablecoins
35. 3 AUG 2026 · 3W AGO
  BANKLESS · 7 MENTIONS
  - Buy-and-burn model as a necessary signal
  - Infrastructure build-out enabling tokenization
  - Crypto's shift from FAT protocol to FAT app
  - On-chain capital efficiency for tokenized assets
  - Token as the financial shipping container
  - Cypherpunk dream alive but not loud
  - Stablecoins heading to trillions by 2030
36. 3 AUG 2026 · 3W AGO
  THE POMP PODCAST · 3 MENTIONS
  - Crypto's convergence with traditional finance
  - Killer use cases: putting assets to work
  - Blockchain as the future financial infrastructure
37. 4 AUG 2026 · 3W AGO
  UNCHAINED
  - DTCC's tokenized entitlement is a different, limited model
38. 5 AUG 2026 · 3W AGO
  BANKLESS · 6 MENTIONS
  - Higher-quality on-chain assets to smooth cycles
  - Consumer crypto as a contrarian investment area
  - Crypto cycle: lower volatility, themes building
  - Crypto's role in nascent compute markets
  - Token value accrual shift to equity-like assets
  - Crypto's right product: better financial infrastructure
39. 5 AUG 2026 · 3W AGO
  WHAT BITCOIN DID · 2 MENTIONS
  - Crypto regulatory clarity's upside case
  - Bitcoin regulatory clarity's institutional impact
40. 5 AUG 2026 · 3W AGO
  THE POMP PODCAST
  - Cold Card hack pushes Bitcoin custody to institutions
41. 6 AUG 2026 · 3W AGO
  UNCHAINED
  - Litigation as path to crypto accountability
42. 9 AUG 2026 · 3W AGO
  UNCHAINED · 4 MENTIONS
  - DeFi vaults' risk must be understood, not eliminated
  - Vaults as on-chain financial product infrastructure
  - Regulatory attention on vaults is inevitable and good
  - Enterprise distribution is the right path for DeFi
43. 9 AUG 2026 · 3W AGO
  ON THE MARGIN · 3 MENTIONS
  - Sovereign digital infrastructure as a B2G crypto pivot
  - Stablecoins as future global P2P payment rail
  - National stablecoins for domestic financial digitization
44. 10 AUG 2026 · 2W AGO
  MACRO MUSINGS WITH DAVID BECKWORTH · 2 MENTIONS
  - Stablecoins redistribute, don't create, safe assets
  - Stablecoin demand could compress T-bill yields
45. 10 AUG 2026 · 2W AGO
  WHAT BITCOIN DID · 2 MENTIONS
  - Bitcoin loan securitization unlocks institutional capital
  - Tether Gold as a digital rails catalyst
46. 11 AUG 2026 · 2W AGO
  UNCHAINED
  - Spark as infrastructure for new stablecoin issuance
47. 11 AUG 2026 · 2W AGO
  THE POMP PODCAST
  - Bitcoin as a bet on the internet
48. 14 AUG 2026 · 2W AGO
  BANKLESS · 3 MENTIONS
  - EtherFi's neobank-plus as first non-gambling crypto app
  - EtherFi's vertical integration endgame
  - Crypto-to-crypto as the ultimate payments rail
49. 15 AUG 2026 · 2W AGO
  SMARTERMARKETS
  - Government support critical for trust in new gold markets
50. 16 AUG 2026 · 2W AGO
  MONETARY MATTERS WITH JACK FARLEY
  - Compute as a future tradable asset class
51. 17 AUG 2026 · 1W AGO
  A16Z PODCAST · 2 MENTIONS
  - Microtransactions enabled by agents and stablecoins
  - Stablecoins as a superior global payments platform
52. 17 AUG 2026 · 1W AGO
  BANKLESS · 2 MENTIONS
  - Bitcoin needs strong crypto ecosystem
  - Crypto's real use case: unstable economies
53. 17 AUG 2026 · 1W AGO
  THE POMP PODCAST
  - Blockchain as inevitable capital markets infrastructure
54. 18 AUG 2026 · 1W AGO
  THE OPTIONS INSIDER RADIO NETWORK · 2 MENTIONS
  - Regulatory clarity as crypto's biggest catalyst
  - Crypto's institutional demand is a supply chain problem
21 AUG 2026 · 6D AGO
BANKLESS · 2 MENTIONS
- Stablecoin accounting win for Circle
- AMMs as the passive index funds of trading · THIS IDEA
21 AUG 2026 · 6D AGO · CHALLENGES
COMMODITY CULTURE
- Digital control as the system's endgame
22 AUG 2026 · 5D AGO
UNCHAINED · 2 MENTIONS
- Tokens as a superior, low-friction financial technology
- Crypto's perfect use case: AI inference payments
24 AUG 2026 · 3D AGO
BANKLESS
- Tokenization and AI as next crypto growth vectors
25 AUG 2026 · 2D AGO
BANKLESS
- Tokenized stocks as a global finance primitive
25 AUG 2026 · 2D AGO
WHAT BITCOIN DID
- Bitcoin's trifecta: Bitcoin, Monero, stablecoins

HOW THE SHOWS HAVE DISCUSSED THIS THESIS OVER TIME · NOT A PERFORMANCE RECORD