Should Uniswap still be valued like a DEX? ethereum:0x1f9840a85d5af5bf1d1762f925bdaddc4201f984 is currently 77% off its all-time high and down 91% from its high versus ETH. Yet RWA volume reached $5.4b over the last 90 days, up 255% y/y, while third-party hook deployments reached 3.3k, up 1,522% y/y. Unichain now accounts for roughly 23% of all swaps generated by Uniswap deployments, with Uniswap's infrastructure increasingly being used for RWA trading, onchain financial products, and its own L2. @Uniswap is still widely framed as a DEX, even as the protocol increasingly resembles an open financial system. ---- We recently shared more on the valuation setup in our Uniswap coverage. If you'd like the full thesis, including fair value and risks, see the link below👇
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