My biggest take away from Token2049 for me is that it is starting to sink in that the MetaDEX model has won.
It offers the single best answer to the DEX trilema, aligning the incentives of traders, LPs, and holders, and the results speak for themselves.
A short thread. 🧵
It is clear that Uniswap is in decline as per @TheBlockPro__ its market share has dropped significantly since 2023.
Curve meanwhile appears to largely be pivoting to focusing on $crvUSD and related products.
Balancer is seemingly chilling and PancakeSwap relegated to BNB.
This could not be coming at a worse time for Uniswap as the token vests they've used to subsidize their costs and yields are ending.
They are faced with having to cut LP yields via the "Fee Switch" to sustain themselves at a moment where they are already struggling to compete.
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