$UNI and numbers that are hard to ignore.

The Uniswap ecosystem has already generated $6.07 billion in cumulative fees. In the last 30 days alone — nearly $147 million.

That is the scale of trading activity that speaks for itself.

But there is a nuance the market often forgets: ecosystem fees do not mean that this money goes directly to UNI holders.

A strong product is one thing. The direct value of a token is a completely different matter.