Just looked into some older BIS data on DEX dynamics and it's pretty eye-opening how the mature dex space has consolidated. So retail investors make up like 93% of liquidity providers but only control 35% of actual liquidity - meanwhile the professionals are crushing it with 3 basis points daily edge, which adds up to like 11.65% a year. Crazy difference. The average retail position is around $29k but these mature participants are sitting on $3.7 million average. Uniswap V3 really accelerated this shift. Started at 40-50% mature LP dominance but by end of 2023 it jumped to 70-80%. They basically hunt the big pools doing over $10 million daily volume and lock them down completely. Makes you think about whether retail can even compete in the mature dex ecosystem anymore.