50/50 pools were revolutionary in 2018, but not anymore...

The idea was simple: x*y = k

Where:
• x = amount of token A in the pool
• y = amount of token B
• k = a constant the pool tries to maintain

As one asset gets bought, the other automatically becomes more expensive.

No order books. No market makers. Just programmable onchain liquidity.

For the first time, anyone could become a liquidity provider. And it changed DeFi forever.

But the market evolved, and today we no longer trade just simple pairs. We now have:
- BTC wrappers
- LSTs
- synthetic assets
- dozens of correlated assets

And this is where traditional 50/50 pools start showing their limitations.

Most AMMs still treat assets as if they were identical. But modern assets have:
- different redemption mechanics
- different risk profiles
- different liquidity conditions
- persistent premiums and discounts

The result is persistent pool imbalances, lower capital efficiency for LPs, and worse execution for users.

The next generation of AMMs won’t just optimize trading anymore. It will optimize liquidity itself.

At Cube, we’re building multi-token pools with virtual balances and per-asset configurations, allowing pools to account for persistent discounts/premiums instead of forcing everything into a naive 1:1 model.

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