Base

While CT is busy lamenting how "bearish" everything is, the ETH DeFi landscape is being flipped on its head.

@base is establishing itself the premiere place to trade the core pairs on Ethereum and @AerodromeFi has supplanted UniV3 as the primary volume driver.

This is a paradigm shift not just because a scrappy upstart has lapped Uniswap on the hottest L2. 

But Aero did so with a token model that distributes 100% of fees from staked LPs to $veAERO voters each week -- a bet on token utility.

While the $UNI fee switch remains an IOU.

Do you worry they’ll simply copy the good mechanics later?

you probably don’t think about liquidity enough // it is what it is  // build value, not valuation

| 🎩  |  ↑  |  ⌐◨-◨

Their token is distributed, their vesting schedule is nearly up, the fee switch mechanic is immutable, the economic model is set. 

There is no way for Uni to adopt a ve33 like system at this point in its lifecycle.