TradFi: You don't need to worry about market making! Sophisticated market makers will decide what's liquid. UniV1-V2: ANYONE can decide what's liquid! (But it won't be efficient). UniV3: ANYONE can decide what's liquid! And it will be efficient! *Anyone trying to LP as a retail investor get smoked by JIT liquidity from sophisticated market makers* Uni V4: You don't need to worry about market making! Sophisticated market makers will decide what's liquid.
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