Lately there are also alot of smartmoney buying base:0x940181a94a35a4569e4529a3cdfb74e38fd98631 mentions.
It is because the alpha around
@aeroxyz is becoming a claim on the liquidity allocation layer for onchain assets. So if/when stocks and FX need liquidity before activity arrives, the allocator who predicts demand earliest gets paid.
And that is a much stronger moat than simply having the most pools.