In this round of research, let's talk about the three major DEXs that I am most concerned about and their investment opportunities! This bull market is a policy bull that the United States is focusing on promoting, with RWA US stock tokenization as the core direction of its efforts, The three major DEX below are definitely impossible to escape! UNI vs AERO vs RAY ， So which one is more worth holding for the long term? These three DEXs all have positive cash flow income from real gold and silver, token capture mechanisms, and represent their respective public chains and value supports. They are now beginning to undertake tokenized US stock trading. The potential for explosive growth in the future bull market should not be underestimated! Next, I will look at their income, repurchases, token allocation methods, and future stock trading business in the past 30 days together. Conduct a horizontal comparative study! These are some of my opinions! data Source: @ DefiLlama and @ tokenterminal) one ️⃣ @ Uniswap — UNI The advantage of Uniswap is that it has the largest transaction scale, covers more public chains and assets, and as the main AMM of Robinhood Chain, their binding is very close! Latest 30 day snapshot: ·79.761 billion USD DEX trading volume ·125.82 million US dollars in transaction fees ·9.89 million US dollars in agreement revenue ·Approximately 4.338 billion US dollars in circulating market value ·Market value/annualized income is approximately 37.8 times The destruction mechanism of UNI makes me more willing to pay long-term attention to and study this project. The most hardcore change in UNI is the activation of protocol fee remittance into TokenJar. If you want to take away the money inside, you have to destroy UNI, which directly links the revenue of the protocol to UNI's deflation. UNI already has a relatively complete business portal for tokenization in the US stock market. Uniswap's webpage, wallet, and API now support tokenized securities and have been launched on Robinhood Chain, becoming the main public AMM on the chain and supporting Robinhood Stock Token trading. What I value more is that it can connect stocks and ETFs from different issuers and chains. In the future, Uniswap will have the opportunity to handle transactions between stocks, stablecoins, and other assets when users switch positions. Moreover, V4 allows issuers to configure authentication, whitelist, and dynamic rates, which also facilitates the entry of large funds. So, for UNI's long-term space, I value more on how extensive its business can be and whether it can form a Matthew effect, just like Hyperliquid, creating a situation where one company dominates. However, a revenue valuation of 37.8 times is not low, and the market has already priced in future expectations. Nevertheless, in terms of business certainty and ecological depth, UNI remains the king. We need to see how much stock trading increment there is, and how much is truly converted into protocol revenue and UNI destruction. This round of pullback, 6-7 dollars, feels quite cost-effective! two ️⃣ @ aeroxyz — AERO After the merger of Aerodrome and Velodrome, Aerodrome will become the main liquidity center on the Base chain and the largest DEX. Latest 30 day snapshot: ·$15.424 billion DEX trading volume ·$12.12 million transaction fee ·8.13 million US dollars in agreement revenue ·Approximately 891 million US dollars in circulating market value ·Market value/annualized income is approximately 9.1 times. AERO, as a classic Ve33 model DEX, is very different from simply destroying deflation logic. It belongs to a dividend model, so AERO cannot be bought and left idle. You need to lock up your position and become a veAERO to vote in order to receive the corresponding pool's handling fees and voting incentives. Although dividends have inflation, they also have benefits, especially in a one-sided bull market where the lock up rate will significantly increase, forming a stronger upward flywheel that often has stronger explosiveness than DEX with ordinary deflationary logic. But there is data here It should be noted that in the past 30 days, DefiLlama has issued a token subsidy of 15.59 million US dollars, which is higher than the 8.13 million protocol revenue it earned, equivalent to an additional 7.46 million US dollars due to AERO's inflation and other subsidies. So don't just focus on being 9.1 times cheaper. If the market fluctuates or starts to bear, with less subsidies, can liquidity still be retained? And can the market withstand such a large inflationary selling pressure? It's all a big question mark! The tokenization of AERO's US stock market is an incremental aspect that I am particularly interested in. The tokenized stocks issued by Coinbase on Base have been launched, and Aerodrome provides liquidity for stock tokens such as Apple and Nvidia. That is to say, it has already started to undertake this part of the transaction. If there are more types of stocks and more users in the future, and Aerodrome can maintain good pricing, trading depth, and user experience, there is a chance to continue earning these transaction fees. Aero has recently upgraded and plans to expand to more chains such as Robinhood Chain, with great potential. What I am optimistic about AERO is that its new stock business may bring significant growth compared to its current revenue scale. What needs to be verified later is whether income can increase faster than subsidies. Recently, I have also placed a minimum order! three ️⃣ @ Raydium — RAY The position of Raydium in the Solana ecosystem goes without saying, even the majority of the pool after Pumpfun's coin issuance is located here. And currently, SOL Chain has undertaken nearly 50% of the trading volume of on chain US stock tokenization, and its potential is self-evident! Latest 30 day snapshot: ·8.103 billion USD DEX trading volume ·$33.88 million in fee income, including transaction fees for LaunchLab issuance ·5.62 million US dollars in agreement revenue ·Approximately $503 million in circulating market value ·Market value/annualized income is approximately 7.5 times. What attracts me to RAY is also its repurchase mechanism. The main AMM pool allocates 12% of transaction fees to RAY repurchases. As long as the transactions and fees of these pools continue to increase, they can bring in more repurchase funds. The official also revealed that the repurchase ratio will gradually increase in the future! Raydium is actually one of the early DEX participants in the tokenization of the US stock market. When xStocks launches Solana in 2025, Raydium will be involved in the liquidity construction of stocks and ETFs, while Jupiter will be responsible for aggregating quotes and directing trades to appropriate pools. If more and more people buy and sell stocks and adjust their portfolios in Solana Wallet, Raydium has the opportunity to increase its commission income and reduce its reliance on Meme popularity for business. But Solana's stock trading growth will not all fall to Raydium. Other DEX and market makers are also competing for these orders (such as @ orca_so and @ MeteoraAG), and aggregators will compare quotes. Only through the transactions in the Raydium pool can its fees and repurchases be increased. I will continue to track its share in stock trading and the contribution of this business to overall revenue, but with the recent pullback, I am preparing to take a bottom position! To summarize, for my long-term configuration, if I were to only allocate between these three DEX tokens, I would consider the following weight range: · 40% UNI · 30% AERO · 30% RAY UNI gains the maximum weight because I value its transaction size, multi chain coverage, and protocol cost driven destruction mechanism more. If the tokenization of the US stock market develops on multiple chains, it has the opportunity to become the biggest beneficiary! AERO's offer of 30% is optimistic about the stock trading on Base and the incremental growth brought by Aero's expansion. But I will count the emissions together, not just based on low income multiples. RAY offers a 30% chance to supplement Solana. Stock and ETF trading are expected to enrich its revenue sources, but actual transactions and repurchases are needed to prove it. The income of all three is worth studying, but the return of token holders also depends on the buying price, supply changes, and whether they participate in lock up or staking. I will continue to monitor three pieces of data in the future ， How much money did the US stock market pool earn, how much subsidy was spent, and how much real money ended up in token destruction and repurchase.