Abandoning Internal Competition, Uniswap Focuses on Liquidity

Every new decentralized exchange (DEX) that appears in the DeFi world benchmarks against Uniswap, which is the largest DEX on the Ethereum chain. The competitive dimensions among DEXs are also becoming increasingly diverse, from comparing Total Value Locked (TVL) and trading volume, to comparing user numbers, and now they're competing on functionality. Besides decentralized trading of various crypto assets, some DEX platforms are venturing into deposit interest generation, financing for innovative projects, introducing financial derivatives, and even purchasing lottery tickets. Like replicating the operational model of centralized exchanges (CEX), DEXs are showing signs of intense internal competition.