the value thesis for $UNI is no longer "will the fee switch come?" the fee switch is on. the real question now is: does volume actually convert to protocol fee, does protocol fee flow to TokenJar, and does TokenJar consistently convert to UNI burn? the Robinhood Chain proposal aims to add v2, v3, and v4 fees into this cycle that's positive but you don't build a valuation on a proposal or a burn headline alone the sequence required for sustainable value accrual: usage ➛ fee ➛ TokenJar ➛ burn ➛ net supply impact pricing the last step before the first three are visible isn't buying the mechanism it's buying the headline