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.
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