Five years ago, Vitalik Buterin revolutionised decentralised exchanges with a short Reddit post

Vitalik is of course best known for founding Ethereum. However, today I learned that he also figured out the math and mechanisms to make future DEX'es like Uniswap actually work well.

Before his Reddit post, decentralised exchanges were in a terrible state, with massive spreads and fluctuations. The XYK idea spread quickly and drastically improved status quo.

So without further ado, here is the history-making post: https://np.reddit.com/r/ethereum/comments/55m04x/lets_run_onchain_decentralized_exchanges_the_way/