They finally transferred liquidity from Uniswap to Sushi Swap, and overnight, 800 million or so in liquidity vanished from Uniswap.

This is some insane, vicious, pure free market capitalism at work here in a way that you could never have with closed source protocols.

The IP is not a barrier. All that matters. All that

matters is the market. All that matters is incentive alignment and liquidity. Welcome back to

The Breakdown with me, NLW. It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world.

The breakdown is sponsored by crypto.com, BitStamp, and nexo.io, and produced and distributed by CoinDess.

What's going on, guys? It is Saturday, September 12th, and that means it is time for the weekly recap.

Today I'm going to be talking about four vibes from this week, four things that were just

kind of feelings in the air, and hopefully this helps you understand the way that I saw things

play out.

So vibe number one was this holding pattern feeling.

In so many domains, it felt like we are just sort of circling around the drain very slowly, but

not actually getting anywhere. For example, in stocks, last week we completed a three-day drawdown at the beginning of this week that ended up being

more than 10% of the NASDAQ.

And there was a slight bump back up, a slightly recovery, but it again feels like kind of a

holding pattern.

It didn't break out.

We didn't continue our massive trajectory up.

We're just kind of

in this in-between area. When it comes to central banks, the ECB had their policy day this week,

and they stayed the course with the same policy they'd been at continuing bond buying through

their previous $1.35 trillion euro program, as well as keeping rates at negative 0.5%. Over in the

...