Do you have a plan how to decrease conversion and transaction fees?
If no, how are you going to be more interesting for customers than fiat cashback services?
And you did not consider the situation from the other side? Clients will have both projects, because it is beneficial to all. I'm sure that the conversion fees here will be minimal.
It's quite early to judge the competition, in theory, the higher it is, the more the level of service. I can only say one thing, the DECENTRALIZED project looks very serious, I'll watch it.
Competition always increases the quality of the services provided. Of course, this is a minus for the project, we will have to give more percentages to cashback users, but this does not make this industry less relevant.