To briefly explain my understanding of fluid flip uniswap: First, fluid's daily trading volume statistics have basically stabilized in the top three of DEXs, with the structure primarily consisting of large transactions of mainstream assets. This indicates that the design of fluid's "DeFi complex" is effective and sustainable, but there are also some issues, which I will elaborate on later. Second, flip uniswap has limitations because trading of small assets on the mainnet is currently inactive, making competition for trading volume of mainstream assets very intense. Fluid can currently offer better prices, but this comes with additional safety/bad debt risks and higher gas costs due to more complex contract designs. Therefore, fluid is more effective at capturing large transactions, while the advantages for small transactions are not obvious (there are plans for a dex lite version to optimize this issue). Third, once small assets and new asset issuances rise, these limitations will become more apparent. Fluid's high capital efficiency will not benefit small assets, such as memes, and if this part of the trading becomes mainstream, uniswap will quickly regain its position. Fourth, fluid essentially competes for capital efficiency in both lending and DEX, which is an innovation I personally like. There may also be buyback plans in the future, but I think it is not appropriate to directly compare fluid and uniswap as competitors because their future development paths are different. Fifth, if uniswap wants to independently increase trading volume, there are ways to do so. Developing efficient liquidity based on uniswap v4 hooks to capture this market is also a possibility, but uniswap has now become a foundational platform, and these matters will be left to other developers to explore. Sixth, overall, fluid flip uniswap is very likely to be seen in the current market environment, but both have their own bright futures.