Not sure that really makes sense when you can sell LEO for ETH on uniswap. Same with DEC.

That would be selling wLEO for ETH. The buyer ends up with wLEO, and the seller banks good money . . . for now. That's one way to play the spread without moving price as much as if you did it on the internal DEX.

But, yes, you've hit the bullseye on one of the "exits".