Key Takeaways:

• Ultimately, like Airlines, AMMs sell a commodity: liquidity. Differentiation on the demand-side is difficult as customers mostly care about execution
• While liquidity is a moat, given the fact that AMMs are open and forkable, and both VCs and retail investors alike are content to continuously subsidise new competitors, it’s unclear how AMMs will ever be able to extract significant value
  

Despite being a large, important and, over the last few decades, growing, industry, airline profit margins have historically been negative (or over the last decade, in the high single digits)

Source: Centre for A