The Hummingbot whitepaper, published in December 2018, laid out the case for decentralized market making. While tokenization promises to unlock liquidity for previously non-tradable assets, most digital assets outside the top coins trade in thin, illiquid markets — the growth in exchanges and assets far outpaced the number and capacity of professional market makers.
The whitepaper describes Hummingbot's answer: open-source software that lets anyone run market making bots across centralized and decentralized exchanges, decentralizing a function historically reserved for specialized trading firms.