Most people are reading Uniswap completely wrong. 👀 They see $200M+ in fees and assume $UNI is making $200M. That’s not how the economics work. Here’s the actual breakdown: Fees: • $209M over the last 30 days • This is what traders pay across the protocol • Most of it ultimately goes to liquidity providers Protocol revenue: • $16.1M over 30 days • This is the portion actually captured by the protocol Holders revenue: • $15.9M over 30 days • This is the revenue attributed to UNI holders through the protocol’s buyback/burn mechanisms That distinction is the entire point. Uniswap can generate more than $200M in fees while only capturing around $16M as protocol revenue. Looking at the fee number alone makes the protocol look like a massive cash machine for UNI, when the economics are much more nuanced. So when you value UNI, don't just screenshot “Fees” and call it earnings. Look at Fees → Revenue → Holders Revenue.