The real shift is pool ownership → order-flow ownership. - @JupiterExchange is routing ~$37B/month in volume. - @Uniswap earnings are exploding. Different positions in the stack. Same conclusion: Control the flow, capture the value. Liquidity is becoming a commodity. Distribution and routing are becoming the moat.
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The DEX vs Aggregator argument is fading.
The real shift is pool ownership → order-flow ownership.
- @JupiterExchange is routing ~$37B/month in volume.
- @Uniswap earnings are exploding.
Different positions in the stack. Same conclusion:
Control the flow, capture the value.
Liquidity is becoming a commodity.
Distribution and routing are becoming the moat.