On November 19th, the Bank for International Settlements released a working paper that delved into the liquidity supply of DEX Uniswap v3. In this study, the Bank for International Settlements investigated whether the liquidity supply of DEX truly realizes the democratization of the financial market or if it is dominated by a few large companies that mimic traditional markets. The Bank for International Settlements found that, apart from technical implementation, liquidity supply is not dispersed. Its research results show that the performance of retail liquidity providers is inferior to that of a few dominant participants in the liquidity market.

The report pointed out: "These participants lock up about 80% of the total value and focus on the liquidity pools with the largest trading volume and smaller volatility." The research found that the share of transaction fees for retail LPs is low, and the investment return is relatively low. In addition, the Bank for International Settlements also pointed out that retail providers "lose money after risk adjustment." Although this paper only focuses on Uniswap, the researchers believe that Uniswap v3 "is not special," and the research results may be applicable to other DEXs. They suggest that future research should examine the roles of retail and institutional participants in various DeFi applications (such as lending).