Uniswap founder Hayden Adams has countered claims that Automated Market Makers (AMMs) are unsustainable, asserting their competitiveness across various market structures. In low-volatility trading pairs, AMMs offer relatively stable returns for participants with low capital costs, effectively outcompeting professional market makers with higher costs. For high-volatility, long-tail assets, AMMs remain nearly the only scalable liquidity solution, with liquidity providers often being project teams or early supporters focused on building liquidity rather than achieving perfect delta-neutral market making. This approach, Adams argues, is more effective than paying market makers option-like fees.