Why is Curve's pricing power superior to Uniswap and Fluid: Discussing the underlying logic of stablecoin trading In the current stablecoin trading field, many people consider Uniswap as a representative of Automated Market Makers (AMMs). However, in reality, Uniswap is more akin to a passive matching order book mechanism, which can still operate in regular markets but is extremely fragile in sudden market conditions and cannot assume the role of pricing power. 1. Uniswap is an order book system that competes for market share, and its liquidity is easily evaporated Although it appears to be a liquidity pool, Uniswap's pricing mechanism actually relies on users actively placing orders and waiting for others to take them. Its behavior pattern is highly similar to that of a centralized exchange's order book, with only blockchain settlement being used. This means that once a black swan event occurs (such as stablecoin unanchoring), the "market cap" will be instantly wiped out, leaving only a shell market with artificially high or low prices but no one willing to trade. 2. Transaction volume ≠ pricing power: Uniswap does not have admin fees and lacks incentive mechanisms Uniswap does not have a protocol level admin fee, which means that even if the transaction volume is high, the protocol layer cannot accumulate revenue, and there is no inherent motivation to maintain market order and pricing stability in the long run. Curve uses the admin fee and veCRV voting mechanism to provide continuous maintenance motivation for governance and LP, forming the role of a 'system level pricing person'. 3. Fluid relies on oracle machines, which are prone to malfunction in sudden market trends Fluid's model relies on oracle quotes, which may seem more accurate under normal circumstances, but is prone to encountering "oracle lag" or "malicious manipulation" in sudden market trends. When there is a price jump of more than 20%, if the oracle fails to respond in a timely manner, it will lead to large-scale liquidation or incorrect settlement, seriously harming users and protocol credit. 4. The true pricing power lies in whether transactions can still be made in the event of unexpected events The core of pricing power is not who has a large trading volume, but who can still provide effective liquidity and stable sliding points in the event of market disorder. Curve maintains a high degree of elasticity between stablecoins through deeply optimized pool parameters (such as high A-values), allowing it to handle large transactions even in extreme markets, which is why Curve is known as the "stablecoin infrastructure". ⸻ summarize Uniswap: Essentially an order book that competes for market share, without deep stability. Fluid: Dependent on oracle, risk overflow is severe in case of emergencies. Curve: A protocol that truly possesses "system pricing power" is one that maintains stability through parameter design and governance mechanisms. The underlying trading network of the future stablecoin ecosystem must be a system that can continue to operate in crisis, rather than a platform that appears lively in calm times. Curve is the truly qualified underlying trading infrastructure.