The argument for Uniswap is that there will be lots of long tail markets. The question is, does that matter?
In the case of your other examples, the disruption made the content more accessible to the masses.
In the case of Uniswap, if something becomes sufficiently liquid, it will 1) be abstracted by an aggregator like 1inch/dex.ag anyways, and 2) make its way onto Coinbase/Binance
Yea there's a value creation vs capture thing here.
Possible that markets originating on Uniswap lead to 100x increase in volume but Uniswap only captures a fraction of it.
Also possible that Uniswap becomes the focal point for end-users and the market decides they prefer to meet on Uniswap. And any markets on Coinbase get recreated on Uniswap.
I'm not sure how that part plays out but perhaps for the use cases that blockchains uniquely enable, there's a rising tide for both the Uniswaps and Coinbases of the world.
Uniswap can never compete with CLOB on liquidity, and the rise of liquidity aggregators guarantees that order flow will leave Uniswap and go towards CLOB over time
The argument for Uniswap is that there will be lots of long tail markets. The question is, does that matter?
In the case of your other examples, the disruption made the content more accessible to the masses.
In the case of Uniswap, if something becomes sufficiently liquid, it will 1) be abstracted by an aggregator like 1inch/dex.ag anyways, and 2) make its way onto Coinbase/Binance
Yea there's a value creation vs capture thing here.
Possible that markets originating on Uniswap lead to 100x increase in volume but Uniswap only captures a fraction of it.
Also possible that Uniswap becomes the focal point for end-users and the market decides they prefer to meet on Uniswap. And any markets on Coinbase get recreated on Uniswap.
I'm not sure how that part plays out but perhaps for the use cases that blockchains uniquely enable, there's a rising tide for both the Uniswaps and Coinbases of the world.
Uniswap can never compete with CLOB on liquidity, and the rise of liquidity aggregators guarantees that order flow will leave Uniswap and go towards CLOB over time