Post #2277

DEX flow has completely reshaped since 2023. What used to be a relatively balanced distribution is now dominated by whales, holding up to ~88% of activity, while fish and shrimp have been compressed into single digits. Retail did not leave randomly, it was outcompeted by faster execution, tighter spreads, and bot-driven strategies. DEX markets are starting to resemble traditional markets, where liquidity is concentrated and participation without an edge becomes increasingly difficult.