LVR has forever been cited as the fundamental bottleneck for AMMs to compete with CLOBs and, by extension, for Defi to beat Cefi successfully. In theory, LVR is *not* inherent to AMMs; apps *can* take control of their intra-pool transaction ordering. We've known about this possibility for a long time, but it took us until 2024-25 for LVR-minimizing AMMs to become a reality. Angstrom is the first LVR-minimizing AMM built on Uni v4 hooks, and I'm very excited to see this experiment play out in the wild!