Personally not too worried about competition here. There's arguably no product in crypto with more network effects than a stablecoin. Ethena has done an awesome job getting integrated into every single L1/L2 as well as now native integrations on CEXes such as Bybit/Bitget. They're also the first-mover, have all the CEXes on their cap table, and have the brand/reputation which is super important in this space.

There's also a more fundamental advantage I don't see many ppl talk about. Unstaked USDe effectively acts as leverage on the sUSDe basis yield, making it very hard for anyone else to compete. Ethena is currently sending ~80% of protocol revenue to sUSDe, and since roughly half of supply is unstaked, it basically doubles the basis yield for stakers. Any competitor has to at least clear that yield + the implied sats ENA yield on-top + some risk-premium to get ppl to move to some new, untested protocol

You might say Ethena becomes vulnerable "once incentives run out", but they have 25% of supply earmarked for incentives and so far has only deployed 5%. Using the remainder, they'll be able to run a few more seasons/years of incentives at least and at that point should've built an even more sizeable and hard to attack moat.

Where does CCTP + Uniswap leave existing bridge protocols?

Most bridge transfers are stablecoins. CCTP will take over this market, at least for USDC

For the remaining non-stablecoin bridge transfers, it seems like most users will just go through Uniswap X.

Fillers/solvers might make use of bridges to move capital around. But even in this scenario they may just use CCTP or even CEXes since these entities already hold capital there for arbitrage/hedging.