The AMM competition strategy controls fees or swap behavior directly. ERC-4626 solves a different but related product-layer problem: how users can deposit capital into a standardized vault, receive transferable shares, and let the protocol allocate that capital into AMM strategies.
For Noise, ERC-4626 can turn strategy participation into a composable primitive:
- users deposit an ERC-20 asset
- the vault mints shares representing proportional ownership