Uniswap is quietly becoming a cash-flow machine. 🦄 Everyone watches $UNI price. The more interesting chart is protocol revenue. Uniswap generated $99.06M in fees over the last 30 days, according to DefiLlama. Only Tether and Circle earned more, with a combined $676M. Lifetime protocol fees have now reached $5.72B. Not bad for software that never clocks out. The timing isn't random. Uniswap V4's fee switch is now live, allowing part of protocol fees to be used for buying and burning $UNI . For the first time, protocol usage has a more direct link to the token's supply. The market noticed. $UNI jumped from $3.83 to $4.54 (+19%) between July 29-31, before cooling to around $4.09. More interestingly, on-chain activity stayed elevated after the rally: 📈 582 new wallets on July 31 (vs. 250-320 typical) 👥 2,457 daily active addresses (vs. 1,300-1,700) 🐋 142 whale transactions above $100K on July 30 Revenue is one thing. Revenue with sustained on-chain growth is another. DeFi finally has a sector where fundamentals are starting to look... well, fundamental. #Uniswap #Uniswapv4PositionsNFT