COINBASE DEX TRADING SHIFTS POWER, SIDESTEPS UNISWAP

Summary from the TLDR Crypto newsletter

As Coinbase rolls out DEX trading to millions of users, Uniswap's frontend fee revenue faces disruption. Unlike Aerodrome, which incentivizes integrations through protocol-based rewards to $AERO lockers, Uniswap Labs profits from its own interface, creating friction with alternative frontends like Coinbase. While Uniswap's moat is built on brand trust, Aerodrome's is built into its smart contracts. The “DeFi mullet” shift, TradFi frontend with DeFi backend, could reroute flows and flip the competitive edge.