the reason Fluid DEX v1 hasn't contributed meaningfully to Fluid's overall revenue is that AMM fees on stable pairs have compressed significantly over the past year due the fierce competition in the space
but it's a race Fluid literally can't lose
because borrowers and lenders on Fluid don't care
even if they earn 0.1% trading apr on their USDT - USDC debt they are better off than if they borrowed only USDT on another lending protocol (their debt is discounted by 0.1% from the trading fees (in reality it's more like 0.5%)
the same can not be said for an LP on another DEX
if they earn 0.1% they are better off putting their stables somewhere else - the opportunity cost from LPing is too high
ofc this truth can be hidden by giving incentives to these LP's but fundamentally the business model for DEX's has changed and there's no turning back
Fluid has unlocked new levels of capital efficiency and now it's time to bring these efficiencies to volatile pairs
Fluid is the most profitable money market protocol on a per $ basis in all of crypto
the DEX is the essential piece that ignites the flywheel - it drives higher utilization of assets, lowers the cost of debt of borrowers and makes collateral more productive
In and of itself the DEX hasn't contributed meaningfully to Fluid's revenue so far but that will change with DEX v2 when it starts to capture marketshare for volatile pairs
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