The Future of DEX Trading

Despite UniswapX routing orders to offchain liquidity, Uniswap's AMM still fills most of the front end's volume, and the text argues that the shift toward intents-based DEX trading depends on L2s solving block time and gas bottlenecks. Around 60-80% of total weekly volume through the Uniswap Labs front end is filled by the AMM, including about 30% of ETH/USDC trades routed through UniswapX and the front end. Two hypotheses are offered: stale AMM prices, and filler economics, under which filler costs fall as trade size grows, so smaller trades tend to go to the AMM.