Markus

The trick: most simulators run with gas price = 0 Real transactions don't So the pool's oracle handed simulators a rate discounted by ~50 bps, making quotes look better than they actually fill

Woke up extremely bullish on DeFi and Ethereum today Uniswap launched in the 2018 bear, when Ethereum sentiment was at all time lows Uniswap and other defi projects relentlessly built through that bear market and proved how powerful Ethereum can be, catalyzing defi summer and everything since Now vibes are down bad again and Uniswap intends to build our way out of it. Last time it was by proving defi is possible. This time it will be by proving defi is inevitable. The internet brought two disruptive changes: existing businesses moving onto the internet, and the formation of new internet-native businesses The same duality will exist for defi: the tokenization of all existing assets, and a growing vibrant economy of crypto native assets. And it’s all happening right now, with more and more assets being brought onchain, increasing the value and productivity of crypto native assets. As this digital economy grows, Defi is being integrated everywhere - payment processors, brokerage accounts, asset issuers. It won't stop until we eat the entire global economy Uniswap the liquidity layer + Ethereum the settlement layer. The perfect combination of low counterparty risk, permissionless, programmable infrastructure And all this will result in huge growth in protocol volumes and fee generation. Which reminds me: UNI burn hit all time highs today, after several new sources of protocol fees came online. And there are many more to come: v4, uniswap x, aggregator hooks, more chains, etc Now add in all the new assets coming onchain We're still at the beginning 🦄

in essence i think agentic payments is a good asymmetric bet for stripe and big players: - it has limited downside (doesn't interfere with their main business) - and unlimited upside (ai narrative/hype for them, and in case if it actually does happen they could catch it) but for most startups, agentic payments currently is a reversed asymmetric bet: - it has limited upside (how to compete with incumbents, is the market even big enough) - but unlimited downside (too much uncertainty, no signal, opportunity cost to tackle other more meaningful and real markets)