Uniswap founder Hayden Adams said automated market makers may become more competitive with traditional market makers as tokenization grows because blockchains separate execution, custody and settlement, lowering the need for vertically integrated intermediaries. He argued AMMs are well suited to closely related tokenized asset pairs, where passive liquidity faces less inventory risk and traditional market makers would otherwise need separate hedging, allowing on-chain trading costs to compete with professional desks. The comments come as Uniswap expands into tokenized equities, supporting more than 190 Robinhood stock tokens and launching Permissioned Pools with Securitize, Superstate and Dowgo for approved-wallet trading. A tokenized SPY pair handled $33 million in 12 days, while on-chain real-world asset deposits climbed to about $3.98 billion from $650.88 million a year earlier and total tokenized issuance reached $34.55 billion. UNI traded near $3.25, valuing the token at about $2.03 billion.