Jupiter, KyberSwap, and OKX Swap routed about $5.8B through aggregators over the last 7 days on DeFiLlama; adjacent comps can kill you faster than the protocol with the same landing-page copy. An AMM founder benchmarking only Uniswap fee tiers and pool depth is missing the router/solver layer that owns user intent before the user ever sees a pool. Pre-launch analysis should treat tokenomics as distribution math too: emissions can rent TVL, but holder concentration, unlock cliffs, repeat-wallet activity, and post-incentive volume tell you whether the market will still care after the farm dries up.

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