Wu learned that Imran Khan, founding partner of Alliance DAO, pointed out in a post that automated market makers (AMMs) are quietly competing to become the dominant infrastructure for token issuance platforms (Launchpads). The focus of competition includes differentiated binding curves, anti preemptive trading mechanisms, and detailed fee frameworks. A successful AMM is expected to establish a moat and generate considerable revenue, but its long-term advantages are still uncertain. Expected AMMs