Milkroad covers 3 reasons on why Uniswap is the best DEX:

• First mover advantage. Uniswap is the world's first Automated market maker (AMM). And being first allowed them to gain a whole bunch of market share right out of the gates

• Economies of scale (greater size = greater pricing power). Uniswap doesn't take any revenue from the protocol and instead it give 100% of the fees to the liquidity providers (LPs). This decision created a chain effect on the platform: happy customers who continuously provide liquidity and earn revenue → more liquidity is locked in the system → system gets more efficient → better swap rates for customers.

• Network effects (the larger a network is, the more valuable it becomes). Traders go where the liquidity is and liquidity providers go where the trading volume is (aka "Traders") making Uniswap the largest DEX in terms of trading volume and liquidity. Show Less