DeFi needs to get fees down. Some fees for trading on major brokerage platforms are on par with or below many DeFi protocols:


IBKR: 0.18%
Morgan Stanley: 0.5%
Schwab: 0.75%
The typical 0.3% Uniswap pool doesn’t even have all huge stack of compliance, UI, tax reporting, KYC, marketing to pay for.
The difference is that DeFi protocols are almost all single-product, so there’s nothing to cross-sell. Meanwhile, inside a brokerage, there’s profit centers that can pay the bills for the entire bundle.
UNI-1.38%
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