Uniswap is the leading DEX, but internal misalignment is now slowing its progress. While it built one of the greatest protocols in its time, the lack of coordination between key stakeholders (Labs, the DAO, the Foundation, VCs, and Service Providers) is becoming increasingly evident. Each group pushes its own interests, and the results speak for themselves.

Uni v4, the most significant upgrade in Uniswap’s history, has struggled to gain traction.

Despite a major push to onboard developers including hackathons organized by the Foundation that resulted in 150+ hooks being built, adoption remains low. Even with full public support from Uniswap and its team, the most successful v4 hook has only secured ~$3M TVL.

Unichain, another major initiative, is facing an even harder time.

Growth prospects remain unclear, and its success now hinges on securing $150M in DAO funding. This raises concerns because Unichain was developed without prior DAO approval and without a direct benefit to the DAO, yet it is now requesting significant financial support.

The misalignment extends beyond just these two initiatives. The Foundation, which is supposed to serve the DAO, appears to be following its own agenda while requesting additional funds. Meanwhile, service providers naturally prioritize the entities paying them, which does not always align with what’s best for the protocol itself.

These issues have led to a backward approach - Unichain was deployed first, and only afterward the Foundation is seeking DAO funding to drive its growth.

$150M is a substantial amount of money, and spending it effectively requires strategic allocation, not just distributing funds to service providers without clear accountability.

This isn’t just an outsider’s perspective, I am also speaking from the competitor's point of view. Since the launch of Uni v4, @0xfluid has grown its market share on Ethereum from 7% to 16%, a clear indication that Uni v4 hasn't found PMF yet.

Fluid DEX is on track to double its trading volume next month, and our DEX v2 development is progressing faster than expected. DEX v2 will be the most advanced DEX that ever existed, and we are confident it will become the largest by volume this year.

By concentrating on our core product and maintaining strategic alignment, we’ve been able to build faster and better with just a fraction of the resources.

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