2014-2025 DEX Builders: - Build performant exchange infra + UI - Raise VC money - Bootstrap liquidity for 18 months - Negotiate with market makers / LPs - Launch with thin order books - Hire growth team to attract traders 2026+ DEX Builders: - Build only the UI - Use Monaco BuilderCodes - Ship with deep order books - Use TraderCodes to attract traders - Set programmatic fee