The barrier to create a new exchange is almost zero. The code from Uniswap is open source, you can clone and be running a competitor in a day. The challenge wo

The barrier to create a new exchange is almost zero. The code from Uniswap is open source, you can clone and be running a competitor in a day. The challenge would be in providing liquidity at levels that could compete with Uniswap's. You can go buy your userbase like Sushiswap did, but you'll see that LPs already learned their lesson that what matters is the transaction volume and these governance tokens being given as an incentive are worthless, so you need to buy both makers and traders. If you are willing to keep a lot of capital around for a long time and taking the risk of impermanent loss, eventually you will be able to take users from Uniswap. But who would do that?