Osmosis is the best dex* and it’s extremely difficult displace.
Osmosis’s weakness has been everything else a DEX needs to thrive especially around support for asset issuers.
The ongoing pattern is spot DEXs are infrastructure and not standalone products. The exception is spot Bitcoin.
The Hub needs to support asset issuers better and needs a suite of DeFi services like a dex (Uniswap V3 is good enough to start).
I think Osmosis probably remains the venue of choice for new Cosmos asset listing because of the product maturity while Neutron, Stride and Noble dex ecosystem cover entire classes to assets that could never make it work on osmosis like RWAs, Eth derivatives etc. I think this mostly happens because of missing things on Osmosis like isolated lending pools and a different BD focus.
We’ve seen this play out on Ethereum where dexes like Maverick and Aerdrome who focused on issuers needs have taken market share from Uniswap.
*Penumbra is actually the best dex design but product maturity is still a long way to go.
Osmosis remains the DEX for Cosmos – and beyond.
Cosmos was our starting ground, and Cosmos remains our home base. Competition is welcome. But building a great DEX isn’t just about spinning up a UI on a Uniswap fork. It takes years of technical iteration, deep ecosystem coordination, and an obsession with user experience.
Now, we’re taking that same playbook to Bitcoin. With deep integrations and partnerships across Babylon, Nomic, WBTC, and more. Osmosis is expanding – not pivoting – to become the interchain gateway for the world’s most valuable asset.
The best DEX won't be confined to a single chain or ecosystem. Polaris is the engine behind our expansion. While others are just beginning to wrestle with fragmented liquidity and cross-chain UX, Polaris is already solving them. It’s the result of 4+ years of hard-earned lessons.
But we’re not slowing down. We’re playing a bigger game. And we're gonna win again.
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