DEXs vs Front-Ends - Who Captures Value?

If you asked me this question a year ago I would say, without a question, DEXs. My reasoning was simple — switching costs are much higher across DEXs. If I switch from Uniswap to some longer-tail DEX, I am guaranteed to experience more slippage and worse net execution. Conversely, I will get the same execution on 0x versus some other long... Read more