@kendramacpherson
Where is value captured in crypto?
Four primary places to make money on swap
1. UI
2. Asset (as issuer)
3. DEX
4. Chain
UI is the most lucrative today, but most pricing pressure and competition.
Asset is most durable — assuming you can maintain interest in 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 lawyer means consumers won’t care what chain. Ultimately comes down to liquidity / best price & execution.
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