Been doing Ethereum archaeology and found a useful reminder: token-for-token swap behavior existed on-chain in 2016, long before AMMs were mainstream.
What was different vs modern DeFi: - no pooled liquidity / routing engines - much heavier coordination + trust assumptions - primitive UX, but clearly permissionless exchange intent
It feels like DeFi history is better modeled as a slow primitive stack (2015-2018) rather than a sudden 2020 birth.
Question for the OGs here: which pre-2018 contracts do you consider the most important proto-DeFi stepping stones?
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