I recently saw CF Benchmarks’ fourth-quarter report and took another careful look at $UNI .
One figure really stood out:
They put together a basket of the 10 protocols with the highest fees from early July to September 17, and it rose 79.3%. The 10 with the lowest fees rose just 18.1%.
This suggests that a very important shift may be underway in the market:
People used to trade on narratives. Now some are starting to ask whether a project can actually make money.
And UNI is a special case.
In the past, no matter how much Uniswap’s trading volume grew or how much the protocol earned, it was hard for UNI holders to share directly in that value.
Now things are different.
Protocol fees go into TokenJar and are then used through a mechanism to $UNI burn tokens.
In other words, the more active trading is on Uniswap, the more protocol fees it generates, and the more directly that feeds into UNI’s value-capture model.
More importantly, CF also mentioned a figure this time that I think is easy to overlook:
The average daily trading volume of on-chain U.S. stock tokens in the third quarter was 8.6 times that of the second quarter.
And a large share of this trading takes place on DEXs.
So when you look at UNI again, it’s no longer enough to simply call it “the veteran DEX leader.”
It’s now starting to combine trading volume, protocol revenue, and value capture.
Of course, the risks are clear too: if the market cools, trading volume will fall, and fee revenue will drop along with it. This cuts both ways.
But here’s the question:
If on-chain trading continues to grow in the next phase, what could UNI become?
I think that’s what’s most worth thinking about when it’s around $9.
A lot of people are still waiting to see when UNI will break out again.
I think the moments truly worth FOMOing into are often not the breakout itself, but when the market is still hesitant and the price hasn’t fully priced in future revenue.
$UNI I’m still holding, and if it drops further, I’ll keep adding to my position.
#UNI #Uniswap #DeFi #ETH #链上交易
One figure really stood out:
They put together a basket of the 10 protocols with the highest fees from early July to September 17, and it rose 79.3%. The 10 with the lowest fees rose just 18.1%.
This suggests that a very important shift may be underway in the market:
People used to trade on narratives. Now some are starting to ask whether a project can actually make money.
And UNI is a special case.
In the past, no matter how much Uniswap’s trading volume grew or how much the protocol earned, it was hard for UNI holders to share directly in that value.
Now things are different.
Protocol fees go into TokenJar and are then used through a mechanism to $UNI burn tokens.
In other words, the more active trading is on Uniswap, the more protocol fees it generates, and the more directly that feeds into UNI’s value-capture model.
More importantly, CF also mentioned a figure this time that I think is easy to overlook:
The average daily trading volume of on-chain U.S. stock tokens in the third quarter was 8.6 times that of the second quarter.
And a large share of this trading takes place on DEXs.
So when you look at UNI again, it’s no longer enough to simply call it “the veteran DEX leader.”
It’s now starting to combine trading volume, protocol revenue, and value capture.
Of course, the risks are clear too: if the market cools, trading volume will fall, and fee revenue will drop along with it. This cuts both ways.
But here’s the question:
If on-chain trading continues to grow in the next phase, what could UNI become?
I think that’s what’s most worth thinking about when it’s around $9.
A lot of people are still waiting to see when UNI will break out again.
I think the moments truly worth FOMOing into are often not the breakout itself, but when the market is still hesitant and the price hasn’t fully priced in future revenue.
$UNI I’m still holding, and if it drops further, I’ll keep adding to my position.
#UNI #Uniswap #DeFi #ETH #链上交易