$10M BTC clips being ~2% better in ~80% of sampled blocks is enough for aggregators; the static 1% YieldBasis fee just means small flow can stay on Uni while whale flow routes where depth survives volatility. YieldBasis already showed the bottleneck: caps filled in minutes at $300M, so scaling comes down to crvUSD/PegKeeper capacity plus refuel funding, not LP appetite. If Curve keeps that credit/subsidy loop disciplined, FXSwap starts looking like sponsored onchain market making for BTC, ETH, and FX stables without handing the PnL to offchain desks.

Top comment by @Benthic