Uniswap is such a bizarre business. There are billions of dollars sitting on the table, yet barely any of it belongs to them. No contracts, no one begging LPs not to leave. Just a few clicks on-chain, and the money can move elsewhere in an instant. But somehow, after all these years, it’s still the biggest player. Back in the day, the first on-chain interaction I had was with them. Their moat must be built on tech, capital, and licenses. Later, I realized there’s an even crazier strategy: no locks on the doors, no chains on the money. Everyone could leave, but no one bothers to. @SushiSwap already proved back then that the code can be copied, and the money can literally move overnight. So what @Uniswap truly fears has never been the emergence of a better Uniswap. It’s the day when moving out becomes more profitable than staying. That’s its Achilles’ heel.