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1/ One thing I find compelling about Decentralized Exchanges, is the link between permissionless and liquidity.
2/ There is a clear network effect to liquidity - traders want to trade where they can get their bids filled.
3/ It makes sense to me that, in the long run, a censorship-resistant exchange (AKA DEX) would be the most liquid because it could source liquidity from anywhere.
4/ It could also make a credible commitment to platform neutrality. E.g. One thing that seems interesting about Uniswap is entrepreneurs may be more willing to integrate b/c no one can change the terms.
5/ What are the major reasons why this isn't the case now?
6/ One is definitely UX, which seems solvable.
7/ Another is perhaps just time, switching costs always exist, even if it's just a mental transaction cost, and so change doesn't happen instantly.
8/ Another is the security guarantees of the underlying blockchain (I wonder, in the case of Uniswap, some traders aren't comfortable with the underlying security guarantees of Ethereum?)
9/ What are the other reasons this hasn't happened? (and, more importantly, am I missing something in the logic?)
