SLX/USX just passed USDC as the most traded SLX pair. 10,000+ trades in 24h. Simple reason. Traders route through the pair with the best execution. As SLX/USX has better depth and lower slippage, flow moves there. That is what I’m watching now. Not just volume. Execution quality. A stable pair that becomes the default route can compound fast. I think this matters more than headline TVL. Flow shows where users actually trade.
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