Robinhood Chain is a single chain that contributed 57.3% of Uniswap’s protocol revenue 23 days ago in September.
These are the figures Token Terminal provided on 9/29, totaling roughly $7.1 million.
Protocol revenue is now flowing through buy-and-burn $UNI . That’s why everyone is talking about “September burn hitting a new high” (DefiLlama’s definition, as of 9/28 about $14.7 million; in August about $9.3 million). A large portion of it has been propped up by a chain that only launched in July.
The numbers are real—it's just that the headline makes the margin look narrower. Once activity on Robinhood Chain cools off, the burn curve will likely drop faster than Uniswap overall.
Price doesn’t seem to treat it as major bullish news either. On 9/28, it fell from 9.68 to 8.81, and over the next three days it stayed stuck between 8.45 and 9.30. Now it’s at 9.05, still range-bound.
Last Thursday, on 9/29, I wrote a piece where the invalidation level was set at 9.73. On the 27th, it tagged 10.20—that time I was the one who misread it.
This time I’m neutral-to-cautious, and I won’t draw conclusions inside the range. If the daily candle closes above 9.30, that suggests the market is willing to pay for this “burn” story and isn’t concerned about concentration—then I’ll accept that my view in this piece was wrong. Only if it breaks below 8.45 will the bears finally have a say.
#UNI #Uniswap
These are the figures Token Terminal provided on 9/29, totaling roughly $7.1 million.
Protocol revenue is now flowing through buy-and-burn $UNI . That’s why everyone is talking about “September burn hitting a new high” (DefiLlama’s definition, as of 9/28 about $14.7 million; in August about $9.3 million). A large portion of it has been propped up by a chain that only launched in July.
The numbers are real—it's just that the headline makes the margin look narrower. Once activity on Robinhood Chain cools off, the burn curve will likely drop faster than Uniswap overall.
Price doesn’t seem to treat it as major bullish news either. On 9/28, it fell from 9.68 to 8.81, and over the next three days it stayed stuck between 8.45 and 9.30. Now it’s at 9.05, still range-bound.
Last Thursday, on 9/29, I wrote a piece where the invalidation level was set at 9.73. On the 27th, it tagged 10.20—that time I was the one who misread it.
This time I’m neutral-to-cautious, and I won’t draw conclusions inside the range. If the daily candle closes above 9.30, that suggests the market is willing to pay for this “burn” story and isn’t concerned about concentration—then I’ll accept that my view in this piece was wrong. Only if it breaks below 8.45 will the bears finally have a say.
#UNI #Uniswap
