The single-most important mega-trend you need to be prepared for is the collision between NFTs and DeFi

We have our first example of that w/ @0xProject and folks haven't noticed yet

As early as 2017, @willwarren outlined 0x Labs' view that tokenization would eat the world:

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One more thing - AMMs are generally not great for very large trades because of price impact (slippage), MEV, sandwich attacks, etc.

We can add a y-axis and really start to map out our mental model:

With ETH's rise today, DeFi Fall has begun. NFT financialization is imminent, which will be a nitrous boost for DeFi volumes.

If you want to be prepared, it's time to learn about DEX market structure. Did you know 50% of all DEX volume is comprised of only 5 trading pairs?

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