Before 2020, the entire blockchain circle was basically nothing.

20 years later, DEFI began to grow wildly, and it took only more than two years to develop into various types of lending, trading, NFTs, stablecoins, etc.

Binance's trading volume in 24 hours was 4.5 billion US dollars, and Coinbase's 24-hour trading volume was 840 million US dollars.

Binance’s transaction fee is 1,000 USD, which means that Binance’s daily revenue is about 4.5 million USD.

Uniswap’s average daily revenue is approximately US$2.21 million.

GMX’s average daily revenue is approximately US$590,000.

SushiSwap’s average daily revenue is approximately US$770,000.

Uniswap is approximately equal to 1/2 of Binance CEX, and Uni’s market value is 2.7 billion US dollars.

GMX is approximately equal to 1/7 of Binance CEX, and SMX has a market value of 5.8 billion US dollars.

SushiSwap is approximately equal to 1/6 of Binance CEX, and Sushi’s market value is 230 million US dollars.

BNB Smart Chain is approximately equal to 1/4 of Binance CEX, and the market value of BNB is 51.8 billion US dollars.

UniSwap’s 0.3% transaction fee is directly distributed to liquidity providers, and the same is true for SUshi.

Sushi is currently voting on a new token economics: 0.25% is directly allocated to active liquidity providers; the remaining 0.05% is purchased into SUSHI and distributed to Sushi mortgage users (xSUSHI Token holders). Each time SUSHI is distributed, 10% is reserved for future development iterations and security audits of the project.

The reason why the market value of Uni and Sushi is so high is nothing more than that the tokens have no empowerment.

Swap income has nothing to do with Uni and Sushi.

This may be about to change.

Both Uni and Sushi have considered changing token economics to empower more tokens, but this has not yet been achieved.

GMX was launched in September 2021, but its market value has surpassed Uni and Sushi.

GMX Token can obtain 30% of the platform transaction fees, while the remaining 70% is distributed to GLP (liquidity providers).

It can be seen that Token economy is crucial.

If GMX can reach Uni's trading volume, GMX's market value is expected to increase 4 to 5 times.

end:

CEX and DEX have one thing in common: the leading effect.

Leading effect: Those at the top are easier to maintain, but those further down the list are more difficult to surpass unless there is a major innovation.

For example, if the market has only 100 transactions a day, Uni accounts for 50, and Sushi and GMX can only account for 50 together.

If latecomers want to get ahead, they can only surpass the former.

Especially in a bear market, the trading volume of CEX and DEX will not increase significantly.

If users trade in GMX, they basically won’t trade in Uni or Sushi.

If no changes are made, it is only a matter of time before Uni and Sushi are surpassed by GMX.

The good news is that Uni and Sushi are planning to change token economics.

Uni and SushiToken are expected to grow 10X.

I wish all bosses to get rich and prosperous. It’s not easy to make money. Please give more likes and attention.