Ethereum

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 @theblock 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.

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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.

Meanwhile, the zeitgeist is realizing that public emissions need to evaluated on an even playing field with privatized models.

Privatized emissions, via token sales and vesting unlocks, inflate supplies and subsidize protocols, just less transparently.

And too often privatized emissions are inflating tokens whose only tangible utility is to be sold and create exit events.

They capture no economic value and even their "governance" capacity can be rendered a meme via backroom deals (see fee switch vote).

This dramatically reframes how MetaDEX emissions are seen.

The old way was privatized / permissioned inflation of tokens with no utility.

The new way is public permissionless / transparent distribution of tokens with real immutable onchain utility.

A strength, not a weakness.

It makes clear that tokens like $AERO and $VELO bear more of a resemblance to tokens like $BTC and $ETH than they do $UNI.

As Messari point out, they are an essential part of a economic system that balances the needs of all participants.

The utility is real.

My impression from many conversations at Token2049 is that the industry is sobering up from the meme and low float/high fdv mania.

They're sick of navigating rigged unlocks and IOUs on utility or adoption.

And its becoming increasingly clear the MetaDEX model will lead the way.

If you catching up, read more about the model here:

If you catching up, read more about the model here:

https://mirror.xyz/0xc3BC039a69A9d732229E810B08a25329e13953d6/k-hMFZnW_31VRRagoLiJD_umS2GAioi2Eks_Yi1H7PA

And here: https://mirror.xyz/0xc3BC039a69A9d732229E810B08a25329e13953d6/bhO807vBHVS5kOtnZE-MCsqZR6zm2wxiZp2OuzvPACk