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Boop.Fun leading the way with a new launchpad on Solana.
Through the first half of 2025:
- Coinbase done 1.6x Robinhood's retail crypto volumes
- But made 4.2x more revenue ($1.7b vs. $412m)
- On the back of 2.6x higher fees (1.44% vs. 0.55%)
Take rate compression is almost certainly coming, just a matter of when asset selection parity arrives
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