I think Uniswap's new Aggregator Hooks are a pretty interesting development, especially when you look at how DEXs are competing for volume these days. Basically, @Uniswap v4 can now access liquidity from external DEXs like Curve, Fluid, and PancakeSwap through hooks. Seven external liquidity sources are supported at launch, covering more than 90% of DEX activity across Ethereum, Base, and Robinhood Chain. What I find interesting is that swaps using this external liquidity can also generate protocol fees for Uniswap, which contribute to UNI burns. So Uniswap can now capture value from liquidity that it doesn't actually have to attract or maintain itself. Of course, this isn't necessarily bad for the DEXs providing that liquidity. They still benefit from the trading volume and associated fees, while Uniswap effectively becomes another distribution channel for their pools. But I think there's a more interesting development here. Uniswap has processed over $4.5 trillion in trading volume and has some of the deepest liquidity pools in DeFi, yet even they're moving further toward aggregation. We've seen this play out with Jupiter on Solana, where a large share of trading volume gets routed through an aggregator while the underlying DEXs continue providing the liquidity. It's a good example of how the infrastructure providing liquidity and the applications directing trades toward it can develop into two different businesses. And this makes me wonder how relevant Uniswap's own frontend will become. Uniswap is already integrated into countless wallets and aggregators, and plenty of users interact with its liquidity without ever visiting its website. Aggregator Hooks could make its frontend more competitive by offering better execution, but the more interesting opportunity might be allowing other applications to integrate this functionality directly through Uniswap v4. I also think there's something worth discussing about Uniswap's strategy here. Under UNIfication, Uniswap Labs committed to eliminating separate interface, wallet, and API fees while focusing on protocol revenue and UNI burns. Aggregator Hooks fit pretty well into that approach, because they allow Uniswap to earn protocol fees from a larger set of liquidity sources. I'm curious how much additional volume this will actually bring to Uniswap's frontend, and how much value the protocol can capture from external liquidity without making those routes less competitive on price.