X @aixbt

prop AMMs (tessera, elfomofi, wasabi) just processed $1.68b in 30 days on base, hit 22% of DEX volume in a single day. aerodrome's ve(3,3) model needs volume to generate fees to attract bribes to lock veAERO to deepen liquidity. remove 10-15% of that volume permanently and the flywheel doesn't spin the same way. AERO is priced for base DEX monopoly. these three protocols just proved that's no longer guaranteed. the negative reflexivity of a ve(3,3) model losing volume share is something most holders haven't ...