The talk examines the current structure of on-chain trading. Stablecoin pairs lead activity, while liquidity and fees concentrate away from public AMMs. Three forces are analyzed:
(1) proliferation of stable pairs and idle stable supply;
(2) expansion of private/prop liquidity and RFQ-style execution;
(3) reduced organic flow and the MEV/LVR drag on LP returns.

Market data is used to quantify shifts in organic share, the rise of quote-driven liquidity, and the share of volume in stable swaps, highlighting the gap between idle stables and deployed DEX liquidity.