The technical constraint of Ethereum layer-1(L1) brought forth an interesting challenge: due to high cost and uncertain process timing, the common orderbook + market-depth exchange model practiced in traditional finance does not really work. Thankfully, the ingenuity behind the Uniswap team brought forth a new, cheap way of trading ERC-20 tokens effectively – the mathematical-formula-driven, “vending-machine-like” model which we call Autonomous Market-Maker (AMM). The elegance of this solution plays well into the confines of Ethereum L1 today and achieved strong product-market-fit, evident by the ~1 - 1.2 Bn USD of transactional volume per day by Uniswap alone (No. 4 in the world if we compare across all crypto exchanges). It appears self-evident to us that AMM DEX model is not only the mainstream, but also the optimal way of exchanging tokens on Ethereum today.