On November 19, the BIS released a working paper that delves into DEX Uniswap v3. In this study, the BIS set out to examine whether DEX liquidity provision truly democratizes financial marekt or mimics traditional markets and is dominated by a few large firms. The BIS found that liquidity provision is not fragmented beyond technical implementation. Its findings suggest that retail liquidity providers are not performing as well as the few established players that dominate liquidity markets. "These participants locked in about 80% of the total value and focused their attention on the liquidity pools with the highest volume and less volatility," the report states. The study found that retail LPs had a lower share of transaction fees and relatively low investment returns. In addition, the BIS also noted that retail providers "lose money after adjusting for risk." Although the paper focuses only on Uniswap, the researchers believe that Uniswap v3 is "not exceptional" and its findings may be applicable to other DEXs. They suggest that future research should examine the role of retail and institutional players in various DeFi applications, such as lending.