Let me briefly explain my understanding of Fluid flipping Uniswap: First, Fluid has consistently ranked among the top three Dex exchanges in terms of daily trading volume. This structure is dominated by large-scale transactions of mainstream assets, proving that Fluid's "DeFi complex" design is effective and sustainable. However, there are also some issues, which I will discuss later. Second, flipping Uniswap has limitations. Since small asset trading on the mainnet is currently inactive, competing for mainstream asset trading volume is very competitive. Fluid currently offers better prices, but this comes at the cost of additional security/bad debt risks and higher gas costs due to more complex contract design. Therefore, Fluid is currently more effective in capturing large transactions, but its advantage in small transactions is less pronounced (a Dex Lite version is being released later, reportedly to address this issue). Third, once small assets and new asset issuance rise, these limitations will become more pronounced. Fluid's high capital efficiency will not squeeze small assets, such as memes. If these types of transactions become mainstream, Uniswap will quickly regain its ground. Fourth, Fluid essentially leverages both lending and DEX to increase funding efficiency. I personally like this innovation, and there may be a buyback plan in the future. However, I think it's inappropriate to directly compare Fluid and Uniswap as competitors, as they have different future development paths. Fifth, if you want to solely leverage trading volume, Uniswap is not without its problems. It's possible to develop efficient liquidity based on Uniswap v4 hooks to leverage this market, but Uniswap has now become a low-level platform, and these issues will be left to other developers to research. Sixth, overall, a Fluid-Uniswap flip is very likely in the current market environment, but both have their own promising futures.