As an industry, imo we over index on defi volume as an apples to apples comparison across chains. Given the dominance of bot arbs in volumes, we should study and publish blocktime-adjusted and fee-adjusted volumes to normalize across chains. $1B of volume on Eth L1 is actually "more volume" than $1B of volume on a chain with ultra low blocktimes and ultra low fees. Because if you reduced the L1's blocktime to 200ms and swap fees to $0.001 (other chains do this via centralization), that same $1B in volume would greatly increase as many more bot arbs become profitable. We need more research on the relationship between volume, blocktimes, and fees. Just as there has been successful research on the relationship between mev and blocktimes. When we see huge volume stats from chains with ultra low blocktimes and fees, we should think that some of that volume is caused by success, but most of it is caused by centralization. Blocktime-adjusted and fee-adjusted volumes would be cool, to normalize across chains.