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Volume begets fees: how are the main decentralized exchanges capturing value?

I’ve shared my perspective on many DeFi protocols on this blog, but recently I realized I’ve never gone back to the basics: the DEXs. That’s precisely what we will do today, tackling the topic mostly by looking at value capture mechanisms. AMM-based DEXs like Uniswap, Curve or SushiSwap all grew tremendously both in available liquidity and volume this year, and so did the fees they collected.

Risk? Yes please, but exactly how I like it

DeFi has grown tremendously over the past year, partly thanks to the appearance of more streamlined investment products such as Yearn’s or Harvest’s vaults. Thanks to their architecture, they facilitate the mutualization of capital which enables smaller yet profitable investments on money markets and other DeFi services like Curve or SushiSwap.

The Sovereign Individual in the age of technofeudalism

Remember when we used to talk of a “post-covid world”? It’s funny to see how the expression quickly stopped being used as people realized the social order of the “new” world would be as nonsensical and wasteful as the previous. Yet, the phrase had the merit to stress the role of the pandemic which brought so much stress on our social structures that it resulted in twenty years of “progress” packed into one.

Yearn Finance's Merger Spree

Yearn Finance has been making headlines lately with the announcement of several acquisitions like Pickle Finance or SushiSwap. The Yearn team has joined its development forces with five other DeFi projects already. To grasp what’s happening, we’ll look back at the main events since September and how each of the different sub-projects is now working to achieve a shared goal.