imagine uniswap pays 16m for some us lawyers to create another foundation for the existing foundation that received xx m to be further legally derisked while uniswap labs makes money due to token incentives funded by token holders who can't turn on a fee switch 😂

meanwhile -fluid, ekubo win marketshare due to efficiency -aero wins due to economics & base partner -pump wins token creation due to frontend what's left? -nft exchange nobody wants -bad wallet nb uses -liquidity for old tokens -new tokens on eth (until integrated by launchpad)

They still got technical superiority (business license), potential for composability & deep tech integrations with v4, biggest mindshare in crypto & outside in regards to DEX Ignoring endusers + investors, building many things without impact, & expensive ops could bite them back

A 10% more efficient DEX protocol can be key for big tokens (routing) but is not gonna make the diff in the future on the long-tail of tokens. Making 1B in revenues, having good partners, getting new/top projects to launch on your DEX (frontend) + daily active users can make it.