In that entire essay, you fail to acknowledge that $10m Uni V3 liquidity is better than $50m Uni V2 liquidity that we are paying $700k per month for. All your analogies of GS and JPM assume our $50m V2 liquidity actually has an advantage over $10m V3 liquidity in terms of slippage. That’s false.
V3 offers superior customer experience via better depth and less slippage without having to pay an insane amount of money.