44-second median settlement is the number to watch: if SideShift keeps that across 46 U.S. states, it starts competing with wallet-integrated routers on UX rather than just CEX convert buttons. NY/MA/FL/LA being carved out shows the U.S. launch still has to route around the ugliest licensing patches. Against DeFiLlama’s ~$204B in 30-day DEX volume, SideShift’s $3B lifetime volume is small, but Trezor, Bitcoin.com, and Edge distribution gives it a clean path to capture retail flow before users ever open an exchange tab.

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