This is important to understand the gravity of AMMs.
Currency was made because barter sucks.
Cryptocurrencies were made because some people find currency to suck.
AMMs makes barter not suck.
Definitely follow advancements in AMMs, they come with some new problems that have been tolerable by the markets so far but can improve. This article is about some directions of further improvements.
Mandatory note: currency was made because debt requires trust (or at least repeated interactions), there was never a “barter world before currency”. (And it's not about whether you like Graeber or not, the “barter myth” was known to be false even in the early 20th century, see Allyn Young)
I’d be interested to check those out books out, all economic thought pieces like those have plenty of criticisms from other economists but I’m open to the research.
Other people believe in the chronology I presented so I think its a quick way to get the point of a new concept across. I’m open to finding a more accurate way of saying that though, if its just as simple.
The key concept that I want to convey is that AMMs improve on this regardless, mainly due to the stored last price, and the routing between liquidity pools. So the required trust is even lower than what “trust-debt-glue” exists for. The AMMs practically fulfill its purpose.
It's not about any individual book, there's simply no evidence of mainstream barter use in any know place or era in the world. The “barter before money” is just a fable invented by Adam Smith.
Just Google “barter myth” and you'll have plenty of resources if you're interested in that subject.
“Barter preceding money” is the economics equivalent of “knights fighting without a helmet” you can see in Hollywood movies.
Currency was made because barter sucks.
Cryptocurrencies were made because some people find currency to suck.
AMMs makes barter not suck.
Definitely follow advancements in AMMs, they come with some new problems that have been tolerable by the markets so far but can improve. This article is about some directions of further improvements.