$UNI The fee figures being used to make a bearish case—203 million in September, cut in half in October—are the total fees paid to LPs. Only a small fraction actually went toward buybacks and burns.
On DefiLlama, Fees over the past 30 days were about 147 million, while Revenue (the portion allocated to the protocol through the fee switch) was about 11.8 million, or roughly 8%.
So the “fees halved” claim is true: Fees over the past 7 days were about 24.85 million, with the daily average roughly half of September’s. But the portion that reaches UNI holders isn’t as large as the headlines suggest. On the other hand, those making a burn story out of 200 million are inflating the figure more than tenfold.
I see the fundamentals as a draw. What matters now is the price.
At 1 a.m. and 7 a.m. Beijing time today, the price touched 7.00 twice and bounced back both times. But since bouncing off 7.00, hourly trading volume has been around 2.6 million U. The breakdown candle at 11 p.m. last night had 17 million. Someone sold hard on the way down; nobody followed through on the way up.
When I wrote about it at 7.98 the day before yesterday, I put my invalidation level at 8.60. It never got back there, and the low was 7.00. I’m still leaning bearish this time.
If it gets back above 7.62 (the starting point of last night’s breakdown candle), then I’m wrong.
If it breaks below 7.00, the next reference is 6.71, the opening price on 9/17—the day that rally began.
#UNI #Uniswap
On DefiLlama, Fees over the past 30 days were about 147 million, while Revenue (the portion allocated to the protocol through the fee switch) was about 11.8 million, or roughly 8%.
So the “fees halved” claim is true: Fees over the past 7 days were about 24.85 million, with the daily average roughly half of September’s. But the portion that reaches UNI holders isn’t as large as the headlines suggest. On the other hand, those making a burn story out of 200 million are inflating the figure more than tenfold.
I see the fundamentals as a draw. What matters now is the price.
At 1 a.m. and 7 a.m. Beijing time today, the price touched 7.00 twice and bounced back both times. But since bouncing off 7.00, hourly trading volume has been around 2.6 million U. The breakdown candle at 11 p.m. last night had 17 million. Someone sold hard on the way down; nobody followed through on the way up.
When I wrote about it at 7.98 the day before yesterday, I put my invalidation level at 8.60. It never got back there, and the low was 7.00. I’m still leaning bearish this time.
If it gets back above 7.62 (the starting point of last night’s breakdown candle), then I’m wrong.
If it breaks below 7.00, the next reference is 6.71, the opening price on 9/17—the day that rally began.
#UNI #Uniswap