Yea I have been saying that Upbit is a systemic risk to Hive now. But the tokens went there purely because higher prices and market forces... when the HF happened back in March 2020, Upbit was on the third spot with around 20M HIVE. First was Binance, then Huobi. But in the last three years Upbit constantly increased their supply, while others have went down. Huobi especialy ... it was even a no.1 exchage for a while, with 40M HIVE, and now its close to zero. Bittrex is down as well. So we lost two major pools and added zero, leaving Upbit to dominate. DEXs now seem the logical next step, with Uniswap on the top, even if we need to pay LP incentives from the dao.
P.S. I forgot Hive Engine, as a new home made pool and has around 5M HIVE now...with all its limits it is wildly used from the userbase