According to Uniswap’s current protocol fee and burn mechanisms, having UNI break above the 2021 bull-market high again within two years isn’t an especially outrageous goal.

What’s really worth watching isn’t how much UNI is burned today, but how much will be burned after the bull market.

During a bear market, trading volume is low, protocol revenue is low, and UNI burns are also low.

Once a bull market ignites, on-chain trading volume, stablecoins, RWA, and DeFi will expand at the same time. Uni’s protocol revenue will scale with trading volume, and UNI’s value capture will scale accordingly.

If, in the future, the scope of on-chain protocol fees coverage continues to expand and fee rates increase further, UNI’s value capture could show a very noticeable acceleration.

Being about seven times away from the high isn’t that far; its growth potential is far greater than other similar assets.

If in the future ETH is expected to move toward $15,000, then UNI could also be expected to reach a market cap of one trillion USD.

$BTC $UNI #btc #uni