Prove me wrong – decentralized exchanges are a clear Web3 use case

I've seen a lot of healthy skepticism around web3, and a failure of web3 proponents to provide clear use cases. So I'd like to provide one: a decentralized exchange, or DEX. A DEX is an exchange in which order matching and execution occurs via smart contracts on-chain, rather than through a centralized entity. That gives DEX’s the following advantages over CEX’s: - instant (minutes depending on the chain) and transparent settlement - transparent price discovery - anyone can provide liquidity and receive a percentage of trading fees, rather than just the exchange getting those fees - anyone can list any asset - you can custody your own assets However, there's a long way to go before DEX's are ready for mainstream use. That will occur when: - most people receive salary and payments directly to their crypto wallets, so no fiat onramp is needed - fees reach parity with CEX's due to L2 improvements - liquidity reaches parity with CEX's - social logins are trusted and/or a there's an optional thin - centralized layer on top of the DEX to help with lost credential recovery - impermanent loss risk can be 0 depending on your risk/return tolerance - DODO PMM seems to have solved this? - robust risk management algorithms minimize the risk of cascading liquidations during high market volatility - chain infrastructure can support millions of TPS during high market volatility Thoughts? Open-minded skepticism welcome!