Persistence of Routing Contestability Across Market Cycles

Establish whether the routing contestability observed for the Chainlink (LINK) and Uniswap (UNI) token ledgers over a 90-day observation window survives a prolonged bear market.

Background

The paper measures routing concentration and turnover over a 90-day period and finds low flow HHI together with week-to-week turnover among leading routing addresses. However, the observation window may not represent conditions across a complete market cycle. A prolonged bear market could alter liquidity, intermediary participation, and the persistence of the contestable routing structure identified in the study.

References

Whether the routing contestability we document survives a prolonged bear market remains open.

— The Same Ledger, Different Verdicts: How Measurement Specification Determines On-Chain Concentration  (2609.24176 - Liu et al., 21 Sep 2026) in Section 10, “Limitations,” subsection “Temporal coverage”