⚡️ We've published the first piece in our open research series.

Over the past year, a new class of venue has taken hold on the majors—the proprietary market maker (PMM): oracle-anchored, quoting a spread an order of magnitude tighter than concentrated liquidity.
The market question is simple: Will they displace CLMM?

Our answer: the market doesn't collapse, it segments.
▸ A PMM optimizes execution for the trader.
▸ A CLMM optimizes yield for the liquidity provider on their own capital.
These are entirely different objective functions, and comparing them on spread alone is a category error.

Inside the research:
• How both models actually work.
• What a delta-neutral hedge does—and, honestly, what it doesn't: it removes directional risk, not adverse selection (which every LP bears, us included).
• Why actively-managed CLMM keeps what an operator's closed book does not give: ownership of the position, transparency, and composability.

📖 Read the full piece here: https://x.com/aura_yields/status/2074412412208394569?s=20