The market isn’t denying UNI’s value; rather, it’s increasingly recognizing Uniswap as a crucial gateway for institutions entering the on-chain world.
Like you said:
* BlackRock buying UNI and integrating BUIDL into the Uniswap ecosystem * In Grayscale's DeFi fund, UNI's weighting is even close to 42%, making it the largest holding
This isn’t retail behavior.
These institutions aren’t looking at short-term candlesticks, but rather:
Who will become the foundational infrastructure for future RWAs (real-world assets on-chain).
And on this point, Uniswap is exceptionally strong.
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Many people underestimate one thing about UNI:
UNI isn’t an exchange; it’s more like a “liquidity protocol.”
* Government bonds go on-chain * Stocks go on-chain * ETFs go on-chain * Real estate yield rights go on-chain
These assets will ultimately need a liquidity market.
And Uniswap is naturally suited for this role.
That’s also why BlackRock chose to integrate with the Uniswap ecosystem.
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What’s truly interesting is:
BlackRock buying UNI doesn’t necessarily mean they’re bullish on the UNI price.
Many people easily get confused.
Institutions buying UNI might have several implications:
1. Gaining governance influence 2. Deeply binding to the ecosystem 3. Establishing liquidity partnerships 4. Making future RWA market preparations
It’s not necessarily just for trading coins.
Just like in the internet era:
Many giants would hold stakes in infrastructure companies.
Because they need to be part of the rule-making process.
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On the other hand:
BlackRock choosing Uniswap doesn’t mean Hyperliquid has lost out.
Because their entry points are different.
Currently, it looks like:
Track Stronger Players On-chain spot liquidity UNI On-chain perpetual contracts HYPE RWA trading entry UNI has an advantage High-frequency trading ecosystem HYPE has an advantage
So now I’m actually starting to feel more and more that:
The market previously viewed UNI and HYPE as competitors.
But in the future, it’s more likely that:
UNI will handle asset onboarding and liquidity, HYPE will take care of trading and leverage.
Similar to:
* Nasdaq + CME * Spot market + Derivatives market
Together forming the on-chain financial system.
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What’s really worth noting is another thing:
If in the future, traditional asset management firms like BlackRock, Fidelity, and Franklin continue to place RWAs into the Uniswap system, then the narrative around UNI will change.