It's not hard to see the loans (smart debt) becoming the deepest AMM pools in the long run. A lot more demand for borrowing than for pure DEX LP-ing. Total *stablecoin* borrow amount on major DeFi lending protocols on Mainnet is hitting ATH each day and is now over $11b. Currently below 2% of this stablecoin debt is utilized as trading liquidity. This is actually why I believe combining lending with DEXs is going to win, not just because of trading fees effecntively lowering borrow rates, but even more due to enabling significantly lower price impacts for onchain swaps. Note: Same assumption goes for non-stable debt.