@dwr

Where is value captured headed in crypto? Four primary places to make money on a swap 1. UI 2. Asset (as issuer) 3. DEX 4. Chain UI is most lucrative today, but most pricing pressure and competition. Asset is most durable -- assuming you can maintain interest in the asset. Today DEX isn't too competitive, but in the medium term expect it to be commoditized. Chain is a good business but UX improvements at UI layer means consumers won't care what chain. Ultimately comes down to liquidity / best price & execution.

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