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I used to see $UNI as one of those OG DeFi tokens with great product metrics but almost no reason for the token itself to exist.

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I used to see $UNI as one of those OG DeFi tokens with great product metrics but almost no reason for the token itself to exist.

@Uniswap could dominate spot volume, generate hundreds of millions in fees and still leave UNI doing nothing.

That thesis is starting to change imo.

The fee switch finally went live on v2 and selected v3 pools across 11 chains.

We also got aggregator hooks that can eventually make v4 burn UNI even when trades route through external liquidity.

So trades now create revenue to buy back and burn $UNI. First time ever usage and supply are actually mechanically linked.

– 6M-8M $UNI burned so far, H1 averaging ~1M/month

– one-time 100M $UNI burn already deleted a chunk of supply

Token is finally clawing back against dilution.Still not fully offsetting the 20M annual $UNI going to Labs, but the math ain't what it used to be.

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