UNI has recently returned to a high near $4.3. Protocol revenue and UNI burn volumes have also reached阶段性 highs once again. The market is currently primarily trading on the value capture following the launch of the v4 Protocol Fee. After all, v4 now accounts for nearly half of Uniswap’s trading volume, generating a substantial amount of UNI burns. Based on the 30-day rolling annualized calculation, the annualized UNI burn volume is approximately 19.5 million tokens, equivalent to about 3.1% of the circulating supply. On the other hand, tokenized assets remain in their early stages on Uniswap. Compared to L1/L2 tokens and stablecoins, RWA-related trading currently contributes only about 5% of total trading volume. Thus, if the long-term outlook is that RWA will see broader on-chain adoption, this current level of trading volume is still very early 🤫