Frankly, my interest in AMMs has almost zeroed out in the past two years. Too many so-called innovations are changing the soup but not the medicine, and under the technical shell, there is still a set of old logic of task disk and list disk. But in the past few days, too many people have been shouting @saros_xyz I also learned about it, and the DLMM architecture they launched felt like finally seeing the outline of a project that moved the underlying structure in the Solana ecosystem. It's not a skin, it's not a narrative, it's an attempt to build AMM + Aggregate Transaction + Launchpad + SuperApp module into a system with a complete closed loop. ➤ What is DLMM? To put it simply, it is a "dynamic liquidity mechanism". Different from the "static position" of traditional AMMs, DLMM has the ability to link the market, which can dynamically adjust the distribution of LP funds, and achieve deeper depth and lower slippage under a smaller TVL. Logically closer to Uniswap v3, but with a more automated structure. ➤ Why should you care about Saros? AMMs on Solana are too scattered. Jupiter is strong in aggregation, but the bottom pool is mostly spare parts; Raydium is too conservative, and Meteora has a DLMM model but a high threshold for interaction; The pump bypasses Jupiter and breaks off at the traffic inlet. Saros is currently the only platform that attempts to integrate "DLMM architecture + converged routing + SuperApp + Launchpad" into one. DLMM is still in beta preparation, but the overall model architecture is largely clear. ❚ Technology is not a copy. Saros teamed up with the original Trader Joe team to create a native DLMM implementation of Solana with an orthodox path and clear expectations. ❚ The preliminary data performance of multiple modules after the launch is outstanding, including the linkage feedback of AMM, task system, and transaction module, laying the foundation for the closed-loop product of the upcoming DLMM. ❚ In terms of the Token model, $SAROS is not only used for governance, but also binds the platform's subsequent liquidity incentives, Launch permissions, and AI strategy system entrances - a typical Utility + Access + Reward trinity model. ➤ Personal judgment What Saros wants to do is not another DEX, but a "basic liquidity on-ramp" on Solana. Pancake is a path that goes through BSC, but Solana has been absent. If Saros can run through the linkage closed-loop of DLMM, tasks and LPs this time, it will not only be an AMM upgrade, but may become the foundation of the next-generation trading ecosystem. This is not a narrative-driven project, but a structure-driven DeFi Infra. ➤ Risk Warning DLMM Beta has not yet been officially launched, and all judgments still need to be judged to see the effect after the actual landing. The success of DeFi ultimately depends on the stability of TVL, user activity, and protocol access. But instead of a bunch of DEXs that rely on narrative to hype up concepts, I am more willing to bet on this kind of project that seriously builds the structure and completes the foundation of the system. The next step is to see if it can truly undertake the needs of meme projects, LPs, and real transactions, and form a structured traffic closed loop. In this cycle, whoever can carry the "liquidity entrance + Infra + incentive closed loop" is qualified to become the next Jupiter.