The article highlights that the $7.5 trillion daily forex market is often misunderstood, with actual currency exchanges comprising only 28% of the market. The core of the market is the global dollar financing network, primarily driven by FX swaps, which account for approximately 51% and conceal over $80 trillion in off-balance-sheet 'invisible debt.' Automated Market Makers (AMMs) are structurally mismatched with institutional demands, accommodating only 1-2% of retail forex scenarios. The article suggests focusing on permissioned chains and compliant infrastructure to address the pain points in dollar financing and settlement layers, rather than pursuing on-chain forex AMMs.