To be honest, my interest in AMM has almost dropped to zero in the past two years. Too many so-called innovations are just old wine in new bottles, with the same old logic of task boards and ranking boards under a technical shell. However, with so many people talking about @saros_xyz these days, I decided to learn about it. Their DLMM architecture seems to be a project in the Solana ecosystem that finally touches the underlying structure. It's not just a reskin or a narrative shout, but an attempt to create a complete closed-loop system by integrating AMM, aggregated trading, Launchpad, and SuperApp modules. ➤ What is DLMM? In simple terms, it is a "Dynamic Liquidity Mechanism." Unlike the "static positioning" of traditional AMMs, DLMM has the ability to link with market trends, dynamically adjusting LP fund distribution to achieve deeper depth and lower slippage with a smaller TVL. Logically, it is closer to Uniswap v3 but more automated in structure. ➤ Why pay attention to Saros? AMMs on Solana are too scattered. Jupiter is strong in aggregation, but the underlying pools are mostly components; Raydium is too conservative, Meteora has a DLMM model but a high interaction threshold; Pump bypasses Jupiter, breaking at the traffic entrance. Saros is currently the only platform attempting to integrate "DLMM architecture + aggregation routing + SuperApp + Launchpad" into one. DLMM is still in the Beta preparation stage, but the entire model architecture is basically clear. ❚ The technology is not a copy. Saros, in collaboration with the original Trader Joe team, is creating a native DLMM implementation for Solana, with a legitimate path and clear expectations. ❚ Preliminary data performance after the launch of multiple modules is impressive, including the linkage feedback of AMM, task system, and trading module, laying the foundation for the product closed-loop of the upcoming DLMM. ❚ In terms of the token model, $SAROS is not just for governance but is also tied to subsequent platform liquidity incentives, Launch permissions, and AI strategy system entry—a typical Utility + Access + Reward trinity model. ➤ Personal judgment Saros is not trying to be another DEX but the "basic liquidity entrance" on Solana. This path was successfully taken by Pancake on BSC, but Solana has always been absent. If Saros can successfully run the DLMM and the linkage closed-loop of tasks and LP, it will not just be an AMM upgrade but could 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 see the actual effect after implementation. Whether DeFi can succeed ultimately depends on TVL, user activity, and the stability of protocol access. But compared to a bunch of DEXs that rely on narrative to hype concepts, I am more willing to bet on projects that seriously build structures and complete system foundations. The next step is to see if it can truly undertake meme projects, LP, and real trading needs to form a structured traffic closed-loop. In this cycle, whoever can bear the "liquidity entrance + Infra + incentive closed-loop" will be qualified to become the next Jupiter.