Uniswap Profitability Analysis: Is the “money” future of spot DEX worrying?

1️⃣ UNI has been widely criticized as a representative of “meaningless governance tokens”. The actual matter is far from being as simple as turning on the fee switch and using the income for distribution or repurchase. Even as the leader of spot DEX, Uniswap’s moat is far from as wide as imagined, and its profit potential is worrying

2️⃣ The connection between DEX and users is weak and the moat is shallow: Using DEX to trade spot means that funds are stored on the platform, and in the process, connection and trust will continue to be generated with the platform. While DEX only works in the transaction part, connection and trust are accumulated in Ethereum. Therefore, CEX and L1 are on the same level, and spot DEX can only benchmark one block in CEX. In addition, even in the ETH ecosystem, it faces fierce competition