One of the core products born out of DeFi is the decentralized exchange (DEX). DEXs allow users to permissionlessly trade assets without an intermediary and become market makers by supplying liquidity to asset pairs to receive fees from trades between the pair. As a keystone product in DeFi, healthy liquidity to facilitate trades is essential to maintaining a vibrant ecosystem. In market cap size, UNI has been the undeniable leader among DEX tokens with consistently 60-85% of the total market share among many of the largest and most well-known DEXs. However, since it has few use cases and isn't used as incentives on Uniswap pools, the trading volume of UNI is substantially lower than that of other DEXs. The famous Curve wars show when looking at transaction volume among DEXs. Though its market cap is a fraction of UNI, it consistently accounts for over 50% of traded volume among the DEX tokens.