The Threat to Uniswap

I think at the end of the day, assets are valuable because of the cash flow that they can produce. And so even if Uniswap ends up being a giant pile of capital or liquidity gun that you can point around, I think downstream of that, then there is something that will produce cash flow. And that thing will also be very, very valuable. But what people will really be doing is using this as a means to an end in that case. It kind of goes back to the incumbent question too. You know, we kind of got this right with the telecom act of 96. If anybody wants to go back and read that, it's like probably one of the most

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