Every aggregator cycle ends the same way: whoever owns execution wins.

That truth has now climbed to the interface layer.

Orderflow doesn’t belong to protocols anymore, it belongs to wallets.
1inch, CowSwap, and Matcha proved that routing creates the moat, not liquidity.

The same logic is about to define wallet economics.

@rainbowdotme is already moving that direction. The Router isn’t a UX upgrade; it’s a monetization engine. Every in-wallet swap, bridge, or perp route is an owned flow; priced, cleared, and settled inside the interface.

This changes what matters.

Downloads are noise. MAUs are vanity.
The real KPI is fills per daily active.

Because fills measure trust, not traffic.

A wallet that routes billions through its own infrastructure isn’t a front-end anymore. It’s a clearing layer with embedded unit economics. Execution, not exposure, becomes the growth loop.

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How Wallets Became the New Marketplaces

Liquidity used to define DeFi competition.
Now it’s orderflow density; how much execution a wallet can internalize per active user.

Routing power compounds faster than distribution. Once execution lives inside the wallet, every transaction feeds its own network effects:

More fills → higher rebate pool → deeper liquidity → tighter quotes → more fills.

That’s a self-reinforcing system; one that turns UX into infrastructure.

Rainbow’s Router, Phantom’s intent engine, even Base-integrated wallets like Elsa are converging on this model. The wallet becomes the trader’s default surface, not the handoff point.

It’s not about who aggregates best anymore.
It’s about who clears most efficiently.

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Why Orderflow Ownership Will Redefine DeFi

Orderflow ownership will define the next era of DeFi UX.
The wallet that clears the most trades per user isn’t competing for attention, it’s shaping market structure.

The next bull run won’t crown new protocols. It’ll crown new interfaces.
And the only number that will matter is this one: fills per active user.

Because in the end, liquidity follows execution.
And execution belongs to the interface.