Just thought I’d drop this quick thought here — would love to hear your thoughts on the matter as well if you have any.
DEXs, once the core of any new ecosystem, will play a backseat role in the future of onchain trading and have a smaller share of on-chain order flow.
Why do I say this?
User-facing interfaces like wallets, abstract away the difficulty of navigating various DEX aggregators, which in turn aggregate fragmented liquidity across different DEXs, CEXs, and chains.
Uniswap's introduction of an intent-based liquidity aggregator (UniswapX) and the integration of DEX aggregator APIs with various wallets confirms this trend.
To capitalize on this, one must know who controls (and profits from) the lion's share of on-chain order flow.
Full report coming soon.
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