Let me briefly explain my understanding of fluid flip Uniswap: Firstly, the daily trading volume of Fluid has basically stabilized in the top three of DEX, with the structure mainly consisting of large-scale transactions of mainstream assets. This proves that the design of Fluid as a "DeFi complex" is effective and sustainable, but there are also some issues that will be addressed later. Secondly, Flip Uniswap has limitations as small asset trading is currently inactive on the mainnet, resulting in a highly competitive trading volume for mainstream assets. Fluid currently offers better prices, but incurs additional security/bad debt risks and high gas costs due to more complex contract designs. Therefore, Fluid is more effective in capturing large transactions, while its advantages are not significant for small transactions (a later version of the DEX Lite is being developed to optimize this issue) Thirdly, once small assets and new asset issuances rise, this limitation will become more apparent. Fluid, with its high capital efficiency, will not affect small assets such as Meme. If these transactions dominate, Uniswap will quickly regain its position. Fourthly, fluid is essentially a combination of lending and dex to increase capital efficiency. I personally like this innovation, and there may be repurchase plans in the future. However, I think it is not appropriate to directly compare fluid and Uniswap as competitors because their future development paths are different. Fifth, if we want to separately increase trading volume, Uniswap is not without solutions. It is also possible to develop efficient liquidity based on Uniswap v4 hook to enter this market. However, Uniswap has now become a low-level platform, and these matters will be left to other developers to study. Sixth, overall, fluid flip Uniswap is highly likely to be seen in the current market environment, but both have their own bright future.