Why Ethereum PropAMMs Aren’t Actually AMMs

Today we're joined by Katia Banina, CEO of Bebop, to unpack one of the most misunderstood emerging trading primitives in DeFi: PropAMMs. We discuss: - What Bebop does and its evolution - Why PropAMMs aren’t actually AMMs - RFQs vs streaming quotes - The concept of Request for Stream (RFS) - How PropAMMs work on Ethereum - Market maker incentives and quote signing - Toxic flow and execution quality - Block builders and sidecar quote streams - Ethereum vs Solana PropAMM designs - Oracle updates and onchain execution - RFQ vs PropAMM tradeoffs - Adoption across aggregators - The future of onchain market structure And much more—enjoy!  —  Timestamps:  (00:00) Introduction  (01:35) What is Bebop?  (02:25) Bebop’s evolution  (07:41) Why PropAMMs aren’t AMMs  (10:20) RFQs vs streaming quotes  (12:35) Request for Stream explained  (26:39) Ethereum vs Solana designs  (32:05) Signed quotes and incentives  (39:11) Block builders and sidecars  (47:06) RFQ vs PropAMM execution  (55:03) Oracle-traded markets  (56:24) Adoption and market share  (1:02:15) Future of onchain trading  (1:03:16) Outro  — Content links: https://pamm.wtf/ https://docs.titanbuilder.xyz/propamms https://x.com/bebop\_dex/status/2049867261662347594?s=20 — Follow the guest: https://x.com/katiabanina Follow the co-hosts: https://x.com/hildobby https://x.com/0xBoxer https://x.com/sui414 Follow the Indexed Podcast: https://x.com/indexed\_pod — The Indexed Podcast discusses hot topics, trendy metrics and chart crimes in the crypto industry, with a new episode every 1st and 3rd Thursday of the month, brought to you by wizards @hildobby @0xBoxer @sui414. Subscribe/follow the show and leave a comment to help us grow the show!  — DISCLAIMER: All information presented here should not be relied upon as legal, financial, investment, tax or even life advice. The views expressed in the podcast are not representative of hosts' employers views. We are acting independently of our respective professional roles.