Ben Thompson’s aggregation framework explains why apps like Jupiter become default gateways, they answer all 3 questions: 1. What’s the incumbent differentiator, and can it be digitized? In DeFi, the differentiator is liquidity. Whoever has the deepest pools wins. This liquidity is already digital -> easy to scan, compare, and route between. 2. Once it’s digitized, does competition shift to UX? Yes. If anyone can plug into liquidity, the real battle is about execution: faster settlement, fewer failed transactions, smoother design. 3. If you win UX, can you trigger a flywheel? Great UX pulls in more users -> which pulls in more liquidity -> which makes the UX even better. That cycle is how winners entrench. This leads to the 3 levels of aggregation: - Level 1: Price Discovery Just show users the best deal. Kayak for flights, 1inch/Matcha for DEXs. Useful, but fragile if the market is already concentrated (e.g., ETH spot on Uniswap), routing adds little value. - Level 2: Execution Don’t just point to the deal - do it. Amazon’s “Buy Now” button is the template. In DeFi, Aave sits here: liquidity is already in the contracts, and the execution experience (fast settlement, no failures) is tied to the protocol. - Level 3: Distribution Control This is the holy grail - be the starting point. Google Search for the web. The App Store for mobile. And on Solana, Jupiter. Jupiter’s success on Solana: Started as price-finder -> added smart routing (execution) -> embedded across wallets like Phantom (distribution). Now, most Solana trades are Jupiter trades even if users never open Jupiter’s website. Jupiter didn’t just help users find liquidity it became the gateway through which liquidity flows. That’s how you go from “helpful tool” to the market itself. Read our full article to learn more (link below)