$2.80M of protocol revenue in 7 days, all of it buying $UNI to burn. At a $4.53B market cap that's 31x the annualized burn pace on the 7d run-rate, 47x on the 30d base. The 100M burned at activation removed 10% of supply outright. The SEC exemption makes permissioned v4 pools the forward driver, but no venue has signed Uniswap yet and the low multiple only holds if this fee base sticks.
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