Quick TakeRoughly two months after its v2 launch, Uniswap (37.20%) continues to dominate non-custodial exchange market shareOffering the broadest range of assets and a permissionless listing process, Uniswap is primed to capture upside from the current “alt”-focused market cycleYet as non-custodial exchange market structure continues to evolve and competitive protocols issue attractive subsidies, Uniswap will have to adapt to maintain its lead