Uniswap dominates deposits of Coinbase-issued stock tokens on Base

DeFi venues on Base currently hold $960,300 worth of Coinbase-issued stock tokens. Uniswap accounts for $943,200 of that figure, commanding roughly 98.2% of all deposits. What Coinbase built and who showed up Coinbase launched its B20-standard tokenized US stocks on the Base network, enabling fractional ownership of shares in companies like Apple (AAPLc), Nvidia (NVDAc), Meta (METAc), and Alphabet (GOOGLc). The tokens are available to eligible non-US users and can be traded around the clock, untethered from the opening and closing bells of traditional stock exchanges. Each token is backed 1:1 by real underlying shares held by broker-custodian Alpaca within a bankruptcy-remote structure regulated by the Abu Dhabi Global Market. The B20 token standard itself is a Base-native extension of the widely used ERC-20 standard, with added functionality for onchain management of corporate actions like dividends and stock splits. At launch, DeFi integrations included liquidity on both Aerodrome and Uniswap, along with lending on Aave, Morpho, and Euler. Day-one metrics were respectable: approximately $4.5M minted, $3M in DEX liquidity, and 24-hour trading volume of $10.8M. Why Uniswap ate ever...