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 CoinDes.

What's going on, guys? It is Saturday, September 19th, and that means it's time for the weekly

recap. Let's kick off this week with a look at some vicious Dex Edition.

Uniswap made big headlines this week when they surprise announced the launch of their governance token Uniswap made big headlines this week when they surprise announced the launch of their

governance token, Uni, and airdropped an absolute crap ton of it all over the crypto markets.

Basically, any eth address that had been used on Uniswap got 400 Uni.

Now, there were a few different narratives around this, and I want to dig into them.

One of the narratives was, hey, look, the good guys won. This stems from the idea that sushi swap,

which was the fork of Uniswap, that had seen so much press, so much buzz, so much hype, so much liquidity, only to have

its founder potentially exit scam before finally giving back what he took.

Anyways, this good guy narrative, good guy's win narrative was from the idea that sushi swap

represented the bad part of crypto in some way, that this forking and shiny object and

incentive creation that rips things out of the long-term community builder hands is a really

bad thing, and crypto should be against that. I've shared my feelings. Basically, I think

it's just brutal competition, but even in that context, you have to admire that

Uniswap was able to completely shift the narrative back to them.

So that good guy, bad guy language may not be something that I particularly focus on, but I do

think that we're still learning what challenges Forks face.

And it's clearly not quite as simple as just forking away and rejiggering the

incentives to allow people to gain more in the short term. Another way to put it is, we're seemingly

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