AMMs serve as an interesting lesson. Initially designed for liquidity provision of low liquidity assets on low-throughput platforms, they helped solve some of the limitations of blockchain-based trading and helped spur a growth in diversity of assets. However, the removal of limit orders introduces price inefficiencies which are absent in an order book. Variations of AMMs seeking to address some of these issues further compound the problems by fragmenting liquidity across ecosystems. In a broader sense, attempts to address the blockchain trilemma have typically further compounded issues and led to a confusing diversity of blockchains and economic models with different constraints. This has fragmented activity, TVL, and talent across many networks. DEXs have been constrained by this fragmentation and limited to a given ecosystem. In contrast, CEXs remain flexible, simultaneously accessing multiple liquidity sources and blockchains.