There’s still about $250B - $500B of enterprise value in CEXs that will inevitably flow to DEXs as they continue winning share. Not all of that is capturable. Still, quantifiably it’s the largest opportunity since the “L1 trade”, and will only expand in the coming years as the sector grows and the leaders demonstrate platform potential. The breakout success of RWA trading on perp DEXs is the writing on the wall.