Uniswap Generated $5.8B in Fees—Does UNI Token Benefit? | Daily Crypto IQ 🧠

Uni or Uniswap's history, this token autopsy would have been really easy. Uniswap, the product, generated billions of dollars in fees. Uni holders govern the protocol, but they did not receive those fees. Then the economics changed. So, we're looking at it now. Meaning, if you've seen Uniswap or a tokconomics video three years ago, you're not up to date. Thank you for putting the link to that Twitter. I appreciate that. And there's a link to our free Discord down in the chat. Also in the description, you will find that and all of our other links as well. So, the protocol fees were activated. 100 million UNI were destroyed, probably burned, and ongoing revenue began funding [music] permanent UNI burns. Tonight, the question is no longer whether UNI, the token, captures value. It does. The question is whether the value capture is

large enough, durable enough, and decentralized enough to justify the token itself. And you have coins coming from the all-time max supply minted onchain into the circulating supply. And there needs to be more demand for the token than there is dilution. And we're going to get to that. We're going to raise that crypto IQ. I think you guys are really going to enjoy this one. So this week we've already examined Avalanche, Sui, Chainlink. Tonight we move to one of the clearest examples of why every token autopsy must separate the product from the token. Unis swap has unquestionable uh product market fit, right? That does not automatically settle the investment case for uni the token. We are following the money, testing the risk, and giving Uni a complete seven category score before placing it on the daily crypto IQ leaderboard or

token autopsy leaderboard, whatever you want to call it. Hit the drink so we can keep going here. So, all right, there we are. So imagine owning a token connected to one of the busiest financial applications in crypto and unis swap certainly is. Billions of dollars move through the product. Traders pay fees constantly and liquidity providers supply the inventory. Routers compete for the best execution if you know a thing or two about the blockchain. But owning the token does not give you ownership of the company. illegal claim to its revenue or guaranteed dividends. [music] That was Uni's problem for years. Now, a portion of the protocol activity permanently destroys Uni the token. The product verse token gap has narrowed, but it hasn't disappeared. And tonight, we're going to determine how much of that gap still remains. All right, I got

to find my notes on these things. How's everybody doing? Hopefully, that gave a little bit more time for people to pop in. Mosa says, "I have some uni." That is great. I uh I don't know if I own any unis swap to be honest with I own a lot of things. Uh you can't catch them all. It's not Pokemon and so I don't think I can own every cryptocurrency and then still have a meaningful enough amount of it to make any money when it pops, right? You could spread a dollar out in everything maybe, but probably would do you no good when things go up. Anyways, let's get into our notes. Now, we've changed, of course, the way that these things run. We get right into the token autopsy because it's a lot of information, a lot of heavy

uh I don't want to use the word heavy. It's a lot of meticulous information, but I hope that I can do a good job to lay it out to where it's easy to listen to and easy to digest. That's why I actually like to have uh all the notes up on screen. so that you can read along with me. Some people are very visual. You have it on your screen. Some people are very audible. They can just listen along and anybody in between can uh let me know if I'm not representing their way of learning and I'll figure that out as well. I don't know. I guess there's like uh what's the other form of learning? Oh, it's like doing things by hand and stuff, right? I don't know how I'm going to do that for you. [music] signal

versus noise aka important versus unimportant. That is where we usually start in these autopsies. So, UniS swap sets a swap count record. What happened? Well, unis swap reportedly exceeded 7 million swaps in one day. Why does it matter? While the protocol is not surviving on reputation alone, [music] people in automated systems continue using it at enormous scale. That means it's got a use case. Who benefits? Liquidity providers, applications using unis swap routing and the broader unis swap ecosystem where protocol fees are active. The uni burn a burning mechanism is really important. We talked about the difference in a different stream about revenue buybacks and treasury buybacks. And so this kind of falls into it because you can have revenue burn or you can have like a treasury burn. Which one's better? Anybody know? Hopefully you've raised that crypto IQ

watching this stream. So signal we're going to say this is important with limitations. Transactions count measures activity, right? Transaction count measures activity, let me say it clearly, not economic quality, dollar volume, protocol revenue, and whether the activity remains after incentive or unusual trading conditions disappear. That's what we're watching for next. All right. In our signal versus noise, standard chartered launch institutional crypto trading in the UAE. Standard Charter launched institutional spot cryptocurrency trading for UAE clients initially covering Bitcoin and Ethereum. Why does this matter? Because regulated finance institution continue moving from crypto custody into actual trading infrastructure. Who would benefit? Obviously, institutional clients and regulated service providers bringing big traditional money into a sector where a lot of people may be very hesitant. They want to use things like, you [music] know, institutions, ETFs, they want that the the all

of that's kind of wrapped into one, right? But my point is, they don't just hop on Coinbase and buy, you know, $300 million worth of something, right? They go through strategic places where they feel like they have a little bit more security. And this is signal for adoption. This matters, not direct for uni catalyst though. So what do we need to watch for? Well, we need to watch for whether institutional activity eventually expands into tokenized assets and onchain liquidity venues. That's kind of what we need there for our catalyst. So, the SEC proposed crypto offering framework. So, it's just an SEC story here. The SEC proposed regulation crypto assets. They really dug deep to come up with that name. They're, you know, SEC highly known for their originality um and all the colors and and you know, just creativity

oozes out of that branch of the government. No, I'm just kidding. Including cryptospecific exemp exemptions and disclosure requirements for chain offerings. It remains a proposal rather than a final law. So, we got to remember this is more of a proposal. This is not cemented. It's going to be changed. They're going to argue about it, you know, all the things that they're going to do. And we'll see what the heck. I don't even worry about it. I follow it briefly and then I see what they're actually going to do once it's like up to be finalized. Of course, why does it matter? Can you tell why it matters? Better defined issuant issuance rules could reduce uncertainty for legitimate projects and make token launches more structured, aka making people less scared to get into these types of token launches. Because for

a long time, the SEC had a lot of the legitimate big money running because they didn't want to get wrapped up in an SEC lawsuit. That's costly. So, who benefits? Well, compliant issuers. investors receive better disclosure and infrastructure providers serving regulated assets. It really just makes everything clearer for everybody and less people feel like they have to tiptoe around the SEC or government regulation. It's a potential signal, but it's way too early to treat it as something final, as something that we can count on. Who knows what it's going to look like or if they just scrap it all together, there no point in getting super excited about it as of right now. But what will we watch for? The final ruling, market structure legislation, and how decentralized governance systems are treated. So, here we are for our token

autopsy of Uniswap. This was a fun one to do, let me tell you. Trying to make sure I got all the different information into these notes without leaving anything out uh was a lot of fun. So central autopsy question, Uniswap is a successful product. I don't think there's any question there. Has Uni the ticker for the token or the token finally become successful economic token or have good tokconomics depending on how you want to say that, but it's the same thing. Preliminary hypothesis, right? Product market fit is pretty much already proven. There's some things about Uniswap that they have proven that we don't really have to argue about. A good market fit. Yes. Token value capture is now more measurable but comparatively young. Main tension uni benefits only if fee producing activity remains competitive after parts of the liquidity

pool fee is redirected or liquidity provider. The LP can be interchangeable there. So what could change the verdict? What could change our thesis here? Well, persistent protocol revenue across multiple chains without liquidity leaving could change our verdict. So, keep in mind that that would be highly important. So, the product and the token are not the same thing. Obviously, that's why we constantly want to separate what is project tech or project treasuries versus a token and its market cap and the tokconomics that were built by that project. Let's see. Anybody put any tokens? What tokens would you like to see me do a token autopsy of? Please put those down in the chat. So, the product and the token are not the same thing. Unis swap protocol executes permissionless swap through a smart contract. Traders receive asset. LPS earn most

swap fees. Liquidity providers supply the assets available for trading and the value is receiving is received by trader fees but accept market and impermanent loss risks unis swap interface and wallet. What does it do? It helps the users reach the protocol and the routes. Where does that value go? Well, the lab eliminates its interference wallets and API fees under unification and we'll explain that later. So, Uniswap X uses thirdparty fillers and auction style routing. That value may go to traders, fillers, and participating routes. So, we're not seeing a lot of uni token here. Uni chain well depicted network supporting DeFi applications. blockchain enable sequencer revenue can enter the uni burn system. So that is a very the uni chain itself is very positive for the uni token and the uni token controls governance and protocol fee system benefits indirectly

through permanent supply reduction not distribution two totally different things. Feel free to ask questions if there's anything you don't understand. And again there is a link to the free Discord. The Discord gets you access to me, gets you access to people in the community you want to ask questions. I'm not going to tell you what to buy or not buy. This is not financial advice. This is education and research, right? But if you have legitimate questions like what is unis swap token even good for on the chain even though we did just answer that governance and protocol fees. Uh maybe you have an a similar question. Feel free to ask those in the discord and of course the chat. Critical distinctions that we want to make right off the bat before we get any deeper into this. A trader

does not need to own UNI to use UniS swap. A liquidity provider does not need UNI the token to supply a normal pool. UNI does not represent corporate equity in Uniswap Labs. It's not a stock. UNI holders do not receive a dividend or proportional claim on product on protocol revenue for all you tradi people. And unis swaps or uni's token economic connection is governance plus fee burn uh fee funded burn. So the governance doesn't really help the token, but that fee funded burn could definitely. So you start to see the dynamic. There is a fee funded burn that reduces supply. When it's burned, it's gone permanently. But can that stand up or outweigh dilution? new coins coming into the revenue. That's where we're going to go. So, Uniswap official governance facts explicitly states that uni uni, anytime you see

this, you and I, we're talking about the token holders receive no direct protocol fee distribution. Protocol fees are used to permanently burn UNI instead. So, there you go. They're not given the token. and the token is burned which helps which helps their overall holding but they're not being given more tokens right so let's follow one uni swap the trader submits a swap that's the beginning of course a router chooses which route to put that swap through so they can get their desired results execute the actual trade and then we go into two different places most swap fees go to that liquidity pool and enabled protocol fees is another route here or it's broken apart, right? The fee goes into two different directions and then we have the token jar collection or collects assets, right? And searchers burn uni to

claim those assets and that is how they've set up their system of how to actually get the uni swap. So again, just if you kind of missed that, you hit the liquidity pool executes trade. Now you have fees. Those fees are split between the liquidity pool and then enabling protocol fee. Token jar collects the assets that are you're swapping for and [music] then the searcher burns uni to claim those assets and that's where the uni is actually being burned. Now what actually is happening? A trader chooses an input asset and desired output asset. A router searches available pools and a version for an executable path. A lot of people use these swaps. They have no idea how they actually work. So I hope this shines a little bit of light and unis swap autopsy [music] is probably one of

the best places to do it. It's like if we did like a pancake uh you know autopsy here. So the chosen liquidity pool changes its asset balance and calculates the out price. The trader then pays the market price of the asset price impact or slippage, the network gas and the pools swap fee. You see all of these things usually in the in the proposal that's made that you sign to basically make the transaction happen. Then most of the swap fees compensate liquidity providers. Where protocol fees are enabled, a small portion is routed into unis swap's protocol fee system. Fee assets accumulate inside an immutable token jar contract. A third-party searcher burns uni to receive a basket of assets worth slightly more than the uni being destroyed. The mechanism avoids requiring unis swap governance to manually sell dozens of collected

tokens. The fire pit creates an economic incentive for outside participants to perform the conversion. Pretty interesting. So simple V2 example volume two for a $10,000 swap in a V2 pool with protocol fees enabled. Total swap fee for 10,000 is about 30 bucks. The liquidity provider 25 bucks and the protocol fee $5. This is just to give you some idea when even bigger money swaps happen. 10,000 how much that really looks like in fees and where is it going gas and price impact are separate here this exact split does not apply to every unis swap pool you have v3s and v4s have pool specific fee arrangements so this is a v2 setup but it's a good example the protocol receives 16th of the total swap fee when the switch is active so Current autopsy snapshot. Let's give some metrics. Total

value locked 3.5 billion. 30-day decentralized exchange volume 55.7 billion. That is significant real usage. Absolutely. 30-day swap fees 19 million. Uh on Block Works, a lot of times we look at chain revenue and things like that. This is where a lot of that stuff comes from. 30-day protocol revenue 9.5 million portion connected to the uni burn cumulative DEX volume 3.8 trillion. So you know that it's processing a lot and if it's processing a lot it must be useful. Cumulative fees 5.8 billion. Uh circulating market supply 3.9 billion. Fully diluted valuation 5.5 billion. Circulating supply and you get the point. It's a lot of numbers right? I don't want to, you know, overwhelm you with so many numbers. And all the way, by the way, all that comes from DeFi Llama. Who's here with me? Throw a 111 in the

chat. So, Uniswap versus other decks activity selected leading decks by 30-day volume. So, now we're kind of looking at competitors, right? Got Uniswap, Pancake Swap, Pumpfun, or is that pumpf fun? Must be. Yeah. Aerod drrome, bisonfi, and metric. Of course, the first three or four are the ones you're going to be familiar with. So, of course, we're talking billions of dollars in trading volume from current DeFi Lama rankings. Uniswap here with 55.7 billion. Pancake Swap though coming in at 25.6 billion. The whole point is there is a stark difference between those numbers. Look at the difference. Pancake swap getting 25 billion is quite a bit, but unis swap is way outperforming and we don't even need to look at the other ones unless you're just interested to see what they are. Let's see. Pump 19.8 billion. Aerod drrome is

12.7 billion. But the point here is unis swap really blows that out of the water. Thank you struggle. Thank you 007zo for participating and let me know that you're listening. Uh 007zo, what do you think about the new direction and the token autopsies that we're doing? Do you find this information valuable? So what the product evidence proves? All those numbers we just went over. What does that even mean? What does that really prove? Well, it proves that unis swap is not merely a speculative road map by any stretch of the imagination. If you know what a road map is, I realize some people might not. It's a plan for the future of a product. All right. [music] Its liquidity and trading activity are economically meaningful because they're processing a lot of money. Its deployment footprint reduces dependency on one

network. Its brand integration, routing, and liquidity creates network effect. what it doesn't prove. So all that metric doesn't prove that uni is undervalued. It doesn't prove that the current fee rate can continue that every recorded trade represents organic demand. That unis swap cannot lose volume to cheaper or more specialized venues, right? And that token holders control the protocol evenly. Now what has changed for UNI recently that I hinted at at the beginning of the stream? The original model is what we're going to explain. And we talked about some of Uniswap's competitors. That's what we call a moat, the the ability to beat out its competitors. And that's a little later into the token autopsy. So the original model went like this. Launched in 2020 primarily as a governance token. Its initial allocation was 60% to the community, 21% to

team and future employees, 18 to investors, and a very small portion to advisers, less than 1%. The original design allowed up to 2% annual [music] inflation after the first four years. Current governance document says its authority has not been exercised. Any future mint would require a governance vote. Uni's unification changed the economics. So this is a part of the changes unification governance approved the unification restructure in December 2025. So this is relatively recently and I'm willing to bet that a lot of people don't know about this if you weren't paying attention to Ethereum and Uniswap specifically. And if you weren't holding any, you probably really weren't paying any attention to this. So activating protocol fees, right? So it this is what was in it, right? Activating protocol fees permanently burning a 100 million UNI from the treasury. This would

be a treasury burn versus a revenue burn using ongoing protocol revenue to burn UNI. This is a revenue burn. So they did both. I just said this the other day, not even knowing that we'd wind up at this point. But a treasury burn is great, but that's not sustainable long term. A revenue burn is really good because it can be done over and over through the revenue both is a great combination. So removing unis swap labs interference wallet and API fees approving a 40 million uni growth budget over 2 years directing eligible uni chain sequencers economics towards the burn right so more power for that burn and developing additional value sources such as PFDA and aggregator hooks basically this is what the proposal of unification was all about why the retroactive burn matters. Anywhere you see retroactive, it means

done later, right? Uh 00o says, "I have been I have been Oh, wait. Sorry. I have been having you play on the TV while I handle other things, so I'm really in and out catching different segments." Okay. Well, I hope what you do catch is useful to you, and I appreciate you letting me know how you're watching this stream. You guys wouldn't even believe how much even the little bit of detail like he just gave me helps me a lot with what I do, how I do it, when I do it. So, please give me all the feedback you can anytime in the Discord, on the stream, direct message me, my emails in the description. Your feedback makes this show better and gets rid of whatever you think is worse, right? So, why the retroactive burn matters? Of course,

it's a burn, so you could probably imagine why it matters. The 100 million UNI burn represented an estimate of what might have been destroyed if protocol fees had been activated earlier. That's what was retroactive about it. But it should not be mistaken for a reoccurring revenue. Like they're not going to I mean they could do whatever cuz they can propose things but there's no proposal right now for 100 million to be burned at any certain time every four years or anything like that. It was like a one-time retroactive burn to make up for not having those protocol fees earlier than the when they put this into action. There are two different events here, right? a one-time balance sheet change that would be your 100 million treasury burn and a reoccurring operating mechanism using future protocol activity to burn additional

uni that is the revenue burn. Only the second one tests whether the product can create durable token value. Meaning the revenue burn is the only one that's going to prove if the product can actually create token value or not. The one-time burn was a onetime burn. It was great, but it's not reoccurring, so we can't future it in for price go up. You're right. The green screen behind me is gray. I wish I knew why. You know, I've noticed that this is just a problem recently. And I can't figure out if it's overlight exposure or underlight exposure. Oh, I'm so silly. I'm looking at the stream messing with things and uh that doesn't that doesn't work. All right. Is it any better? Can you tell me if it's any better? To future watchers, I'm sorry about this, but we

would like to get the green screen uh working a little bit better here. All right, there we go. It's fixed. It looks fixed to me. you let me know. All right. So, only the second one tests whether the product can create durable token. So, that's what we're saying is the revenue burn is what we're kind of focused in on when it comes to uni token because that is where we're going to measure against dilution, which are tokens coming into the supply. The current fee split across the last 30 days. Uh total fee approximately 119 million in 30 days. Protocol revenue 9.4 million and approximate liquidity pool portion 109 million. So where the latest 30-day fees went? Let's see. There's just two different places they can go. the liquidity pool providers and the protocol and uni burn. So you'll see

of course liquidity providers are going to get the majority because they really what functionally makes all of the stuff work and consistently gives incentive for them to stay there and keep the product working. only a small percentage can really go towards like a burn and things because otherwise you'll take too much money away from the people who are maintaining the operation of the product and then they'll leave and then it won't work and [music] that's not that's not possible, right? It's still there. You're right. It can't I swear it went away. Huh. I I don't know. I don't feel like we used to have this problem here. Let me see something. I don't think that that's a good idea, but we'll see if it is. I don't like that lighting, but uh No, it does. It looks like it's

still there. I apologize, guys. It looks like something I'm going to have to fix uh at a later date. I don't want to mess up the whole stream. Hopefully everybody can kind of live with that little bit of grayness in the background. I will get it figured out. You won't have to deal with it tomorrow. By the way, tomorrow, Defy Friday will just be one stream. We will just do one stream at least two hours. We'll hang out. We'll have a good time. It's meant to be more of a laid-back fun stream, right? It I won't be doing a tutorial on a game or anything like that. But tonight from beginning tutorial of Lumina aka blockchain Pokemon. Yeah, it was fixed for a second and came back. I thought so. I almost think it's an overlight exposure or I

need to mess with the percentages of the ratio. That's not worth explaining. Anyways, we're getting off track. Let's get back into track here. So revenue quality and where is it coming from? Unis swap protocol revenue by chain. Uh a lot of it right now is coming from Robin Hood. Robin Hood is pretty hot of course Ethereum base arbitum B&B but just know that most of it comes from the Ethereum and the Robin Hood chain. And uh let's see how bad. Yeah, it looks like it literally Robin Hood is double Ethereum, but that is probably going to change over time here. Skipping through a little bit of over information. So, does the burn justify Uni's valuation? Two ways to analyze the evidence. You have last 30-day pace and a trailing year rate. Annualized protocol revenue represented here, market cap multiple,

fully diluted multiple. These are not traditional earning multiples. Uniswap holders have no direct legal or proportional claim to that revenue. The ratio only compares the token's value with the economic value entering the burn system. Why the two rows are so different? So the fee roll out expanded during 2026 and the recent revenue has accelerated. So they've made it even better and that creates two competing interpretations. One is a bullish interpretation that the trailing year uh understates the new economics because more fee source are active now. And then a bearish take is that the latest month may overstate sustainable performance because Robin Hood chain currently contributes an unusually large amount. So what we're saying is bullish but Robin Hood is hot and so there's a lot coming in. You can't count on that to stay at that level for all

time, right? Uh, one month is enough to prove that UNI's value capture exists, but it's not enough to prove the normalized long-term rate that it's going to stay that that rate over time. I appreciate you letting me know, Melissa. And if I could have fixed it quickly, we would have took care of it. But I guess it's not going to be a quick fix. But I have noticed it recently in some videos, and the other day I fixed it, and I don't know what I did. So, I got to go back and fix it again. The problem is in my actual OBS stream, uh, you know, whatever in the background, it doesn't show up as predominant as it shows up in the stream. So, let's talk about supply uni supply status versus the 1 billion thesis. So, you have

circulating right now. This is really all you need to know. Circulating right now is about 62 of the overall. Then you have permanently removed. So 11% of that billion has already been removed and you have existing but not circulating uni meaning not in the circulating yet. Okay, 26%. So a large chunk of it circulating. You have about 26 to come out in dilution and 11% that's gone forever. And that number is only going to grow, [music] which should make it deflationary, especially once all of the non-irculating become circulating. That's when this thing I think will really start to cook. And we're going to get past some of the stuff I don't think you really need. The important tokconomic tension here. The total supply can fall while the circulating supply rises. So the amount being burned is smaller than the

supply increase. What happens when protocol fees permanently burn uni? Previous non-irculating treasury uni is distributed into the market and the team ecosystem or growth allocation becomes active. A burn is positive for the total supply, but investors must also monitor the movement of existing treasury tokens. A really good thing to be uh thinking about and putting in the back of your mind is when unis swap gets very close to like 85 90% circulating and very little coins not in circulating. Is it going to become highly deflationary? That's the question. All right, we're not going to go into the governance, right? Because you pretty much should know what governance does. But here's what governance does not mean or equal control. So token holder governance can still be concentrated into large delegates, low voter participation which most Dows have or governance treasury

concentration voter apathy and dependency on wellunded organizations to draft technical proposals competitive fight. So, Uni's strongest advantages when it comes to liquidity network effect, deep liquidity can produce better execution and attract more traders. You'll hear big traders with big money talk about liquidity much more than you will your average retail, but they're also the ones with more money that moves the market. So, more trading then generates more fees, attracting additional liquidity. Also, if bigger users are more comfortable using it because of deep liquidity, their fees are bigger because they're using more money. Integration and distribution wallets, aggregators, applications, and professional trading tools can route through unis swap without requiring every user to visit the unis swap website. That is a another thing to consider here. Multiple protocol generations. So, of course, you have a V2, V3, V4, and those

all work slightly different. A V2 creates the simple uh constant product automated market maker model. A V3 introduces concentrated liquidity and V4 turns the protocol into a programmable liquidity platform through hooks. And some of these liquidity pools and providers are using different volumes, right? So multi-chain reach unis swap is operating across dozens of chains instead of depending on one single ecosystem like Ethereum which means more value capture and burn for the token because more people are using it. The V4 programmability for anybody who doesn't know anything about uh all the different volumes but this is the latest volume uses a singleton architecture flash account accounting in hooks unis swap estimated pool creation could become up to 99% cheaper while hooks allowed dynamic fees custom pool behavior and new market designs. So, with it being more customizable, it'll be interesting

to see how that has an effect if a lot more people start using that V4 programmability on that token burn. Will they turn up the dynamic fees or will they turn them down? The competitors are not all fighting the same battle. I think this is an interesting thing to say is some are highly specialized for certain things and some are competing more or less with unis swap itself. So of course you have competitor types like a generalpurpose automated market maker. Pancake swap is the example they're giving here and compete directly on liquidity users and multi-chain reach. So pancake swap is also multi-chain. So that makes it a more direct competitor [music] where something like aerodrome orca is chain focused liquidity hubs for the chains they're on. They're not so multi-chain. So they're I guess slightly less of a competitor

on chains where they don't operate obviously they're not competing with unis swap. It can dominate one ecosystem through incentives and integration but again where they're not operating they're not competition. So it's a little bit of a give and take. Launch and meme coins uh venues right pump meteora capture high frequency speculative activity. We have curve and other similar models such as stablecoin specialists optimized for cor correlated assets. Order books and professional venues like hyperlquid and others compete for activity with the traders and market makers and aggregators in private markets like RFQ and intent systems route trades around public automated market maker liquidity. the key moat or the key way that it stacks up against its competitors. Moat is an interesting word. You rather get it or you don't. UniS swap does not need to eliminate every competitor. It needs

to remain important enough that it route routers continue choosing the liquidity there. Asset issuers launch there. LPS remain adequately compensated which gives them incentive to live on unis swap. Developers build useful hooks and governance can capture fees without weakening the execution. Catalyst broader protocol fee coverage. Fees began with V2 and V3. Ethereum and expanded across additional chains. V4 added a policybased control capable of handling dynamic pool fees. And by dynamic I assume it means more customizable. So hooks can support dynamic fees, uh, automated liquidity strategies, custom oracles, token launches, specialized market design, and institutional compliance rules. Again, this V4 of Uniswap is very much more about having programmability, having more control over the specifics of how that liquidity pool will work. Because when you create those liquidity pools for your liquidity providers, that is going to operate on one

of these volumes, V2, V3, V4, and you're going to probably choose which one you want to use based off of which one fits best for what you're trying to do. Permissioned pools. Permission pools. Uniswap introduces a V4 standard allowing regulated asset issuers to enforce wallet eligibility on chain. Early contributors include Superstate, Securitize, [music] and Dalgo. So, this sounds like what do they call it in Tradfi? Of course, it's eligible investors, but it's basically people who have the certification or over a million dollars in their bank and therefore have the certification in America to get in on, you know, ICOs, Idos, pre-launches, stuff like that. So, if they're running something and they want to create a pool for something that has to do with an accredited investor, that's what I'm talking about, is a good example of an eligibility. Now,

there's other uh there's they can set whatever they want. They could be like only people who follow me on Twitter are eligible. You know, there's different eligibilities, but usually it's accredited investor type stuff. And this could place UniS swap beneath tokenized funds and securities, not merely ordinary crypto swap. So it's saying this V4 or permission pool sorry in V4s could allow even more activity when it comes to tokenization of assets and of course uh you know idos and accredited investor type stuff. Uni chain uni chain can contribute faster execution dedicated defy infrastructure sequencer economics mev maximal extractable value experimentation and a vertical integration with unis swap's environment the caution is that its current record contribution to unis swap protocol revenue still remains small and again we go through a lot of stuff like you're going to understand a much

dialed in much better dial in picture of Uniswap in its entirety when we go through these token autopsies. Yes, our ultimate goal is to decide if value is captured better than the dilution of the new coming in supply. But we're going to get into a lot of stuff and hey, I'm here for it either way. I want to know this stuff regardless of anybody who does, but I hope you guys come along. So you have the PFDA and the MEV internationalization internalization, sorry. The proposed protocol fee discount auction attempts to capture value that would otherwise go to validators or searchers and redirect it towards the uni burning. Do you think that validators and stuff are happy about that? I don't know. This is strategically interesting but should be scored as a developing infrastructure and not a mature revenue source.

Security and decentralization. Well, there's strong evidence. When V4 launched, unis swaps reported nine independent audits. So, this is kind of like evidence of good security. a 2.3 million security comp uh competition with over 500 participants. Basically, this is where people tested the security and tried to find loopholes. And this is the money that was up for grabs if they could figure out a loophole. Of course, bug bounties are about the same thing, offering up to 15.5 million for critical vulnerabilities. I think bug bounties are great because they put the mind of hackers and things to work to find vulnerabilities in a controlled environment that is approved. They're not doing anything illegal and they can put their expertise with things like fishing. Well, I don't think fishing is one of them. Literal hacking and if they can find a vulnerability,

there's a large pool of money. They could really get paid. No critical issues discovered during the competition or bounty before launch. So it seems like it was sealed up pretty tight. So why the score is not perfect? Hook risk. V4 core contracts can secure while the individual third party hook remains dangerous. Users must be able to distinguish unis swap core contract risk, hook contract risk, token contract risk, and interface and wallet risk. And who knows if people are really understanding the risk in some of these more programmable V4 core contracts. Of course, you have governance risk. Governance can alter fee configurations, treasury spending, and future issuances just like they burn that 100 million, which is bullish. Let's hope they don't ever choose to do anything otherwise. They can't pull the hundred million back, but they could slow down the

burn rate. They could get rid of the burn rate altogether if they felt like doing it, I guess. And that's what I'm talking about. As we get to the end of it and the stuff comes out into circulation, very little of the supply is not in circulation. A good portion is burned. Will they turn down the burning mechanic? That'll be very interesting, but is somewhat off in the future. Front end and regulatory risk. So, the core contracts may remain available while particular interfaces, companies, and jurisdictions impose restrictions. That's up to the individual you know jurisdictions or governments or places in the world. So uni chain risk a dedicated chain introduces additional sequencer bridge and infrastructure assumptions not present in an Ethereum mainet pool. Also understand that bridges are the number one place of money being stolen or lost in

crypto period. So when you introduce additional bridges that could result in it, but it doesn't guarantee that there will be losses. Let's talk about what you may not know. So unis swap fees usually refer mostly to liquidity provider income, [music] not company revenue. Buying uni does not give the holder a direct claim on the billions of historical fees. The new burn system does not simply sell fee tokens for unis swap or for uni token. Searchers must burn uni to unlock valuable fee token basket. A rising uni price causes the same dollar amount of revenue to burn fewer uni. A falling uni price causes the same revenue to burn more units. Although the token holder dollar value may still fall, unis swap's interface is a product operated by labs. The underlying protocol contracts are a different layer. You may not

know this, but an application can use unis swap's liquidity without displaying unis swap branding to the end user. So you might not know if something you use in web 3 or blockchain [music] technology is using unis swap at all. And the V4 programmability expands the mo its ability to fend against its competitors, but it also expands the number of thirdparty contracts users must evaluate if you even spend the time to do that. All right, here we are. We're wrapping up. We're getting to the end. Was that intense? I hope so. You know, there's a part of me that really loves when we actually get into some sauce. And I hope that even as we raise your crypto IQ, we also raise your resistance durability against intaking information. And of course, the more you come to the stream, the more

you learn what different things are, [music] the definitions of words that you might not know or things about how the blockchain works, all of it will continue to make more sense. So the scorecard here for Uniswap real utility and adoption 20 out of 20. All right, it's got that nailed down. Token value capture actually gets a 15 out of 20 which is a pretty good score. Tokconomics and supply an 115. So so far pretty great scores across the board. competitive mode, its ability to beat its competitors, 14 out of 15. Still great scores. Security and decentralization, eight out of 10. Uh, of course, being tied a lot to Ethereum and Ethereum security in a lot of places, that's going to help it there. Catalyst and execution, eight out of 10. And risk and unanswered questions, six out of 10.

That's probably its worst performing categories. 82 out of 100. And I gotta say that's probably the best score I think. Yeah, because Chainlink got a 79. So what? It beat it by three. So so far value capture unis swap is the best token autopsy we've done so far. It doesn't mean it's the best token value capture in all of crypto. We've done four, but I mean, the way my life works, time just goes by. Weeks go by. We're gonna turn around. I'm gonna have 50 of these done in no time. How's everybody out there in the chat? How are you guys doing? Can't believe we ran through that in an hour. That was so fast. Wow. Well, we got some time to talk about some other things. And since I don't have my full stream set up for news

and stuff like that, we could show off some crypto bubbles and things. Take a look at the market, stuff like that. So, the market was pretty good today. I don't know if anybody caught that. Anybody watched the Lifer stream this morning? I definitely did. Uh, it pumped to 81,000. Where is Bitcoin right this moment? Let me open Trading View in the background and I'll bring it up. First, let's talk about these crypto bubbles. So, what's our best performing category? One through a,000. Oh, look at this. Look at them go. Look, they've added. It used to always be 1 through 1,000 by market cap. We now have 1,100 and 1,200. So, 200 more. It's very interesting. Just give us all of it. Every crypto, right? Uh, no thank you. I would take for I I could do a whole stream

on cryptobubbles, but it changes so fast. I mean, a green day is a green day, right? But, uh, the percentages and things can change quite quickly. So, one through 100 here, our biggest category. I'm not really going to look at these lower ones, anything past a,000, but it looks like two to 300, which is something we would normally go over. Uh, by the way, guys, let's do a giveaway. Who wants to do a giveaway? Here's what we're going to be giving away. Two things. Okay. One of them anybody can receive. Now, let's just do Nah, let's do let's do a double giveaway into one, right? Who's out there? Who wants to participate in a giveaway? [music] So, there's two things I'm going to be giving away. One is a 3D printed uh bull, Bitcoin bull. Get your own 3D

printed bull, right? pretty cool stuff from my 3D printer. Uh, actually my son's 3D printer and also $5 of whatever cryptocurrency you would like. So, do me a favor right now and tell me who would like to participate. Just tell me who's here who's going to, I guess, be active in this giveaway. And there's two different giveaways, right? So, one of those is going to be when it comes to shipping physical items, I'll if you're somewhere else in the world, I'll look at what it costs to send it to you. But if it's going to cost me like $20 to send you something in the mail, you're not eligible. Let's just put it that way. But anyways, we're going to combine them. The $5 and whatever cryptocurrency of your choice, that's guaranteed. You'll get that regardless. And also, if

you're somewhere I can ship to you, I don't want to say just America, somewhere where I can ship to you reasonably, I will also include a Bitcoin bull that's 3D printed for your desk, your office, whatever. Right? So, and the way you're going to get that is you're going to go to Discord or my email and you're going to email me. I highly recommend you DM me on Discord. That's that would be the best thing to do. That'll get you the quickest response. So, so far I see Melissa uh is going to win that free $5 in cryptocurrency. I give everybody a second as I think [music] about what we're going to do. I wish I had like a little mini whiteboard where I could write down a number or something so that I can hold it up and

you know I like didn't just write it. But we're going to roll off of the head uh the brain today. Anyways, we'll do that as we go along. I'm looking to see at least another person besides Melissa. Who's Melissa going to compete against? Should I just give it to Melissa? Anyways, uh 1 through 100. Let's check that out. So, Zcash up 14. What is this thing up to? Dang, it went to $927. I mean, there's only so much money. Like I said, I can't catch them all, but you know, we were I swear two weeks ago, three weeks ago, I think it's more like two and a half, it was like 400 bucks, we could have did pretty well on that thing. Although it's getting, that's still only like a double roughly. But if you knew that it was

going to do that for sure, you certainly would have put all your money in it. cake. Talking of another similar coin to unis swap. All right, guys. What we're gonna do is we're gonna do a number related giveaway. Two things. $5 in whatever cryptocurrency you would like and a Bitcoin 3D printed bull. Right. And this one has a slight imperfection in it. The one you receive will not have a slight imperfection in it. Uh, we'll probably just do it again as well. I've already said it now, so I feel like I have to do it now. It's just 3D printed in $5. I think everybody will be all right. But we should do it again tomorrow night. I think that's a great idea. So, I'm thinking of a number between zero and 200. Let me get the number. Between

zero and 200. I know Struggle Heart's going to say 250 in like [music] a second here. So, between zero and 200. All right, I got the number locked in. and you will win $5 in whatever cryptocurrency you would like and also a 3D printed Bitcoin bull. Whenever you guys want to drop that, go for it. So, we got the useless token. Absolutely pumping. I think it's just me. I can see that there's other people here. [music] I know like 007 uh Zo said he is watching on his TV and bouncing in and out so he might not necessarily be doing it. Strogahart I figure would be here. It's all good. I'm not overly concerned about it. Uh useless coin is up 65%. Pawns 33.9%. Pawns looks like it's flagging out. I wonder how that'll play out. Pawns up 3,000%

this month. So, uh oh, what? 30x XPL 13.5% and then I think what the biggest category 2 to30 let's check it out Marscoin got the pump today 100% with 134 million in it Marscoin I do remember looking at that when [music] it first came out you got Bedrock token up 35% chip USD or USD.AI. This thing's up 35% 130 on the month. DGAI was another new token we were looking at. 17.8% up. And Helium 46.2% to the upside. Looking like it's kind of flagging out there. This is like the best performing. And Seeker's down 50%. Unify the things that were pumping yesterday basically. Let's look at our top gainers, top losers, and we'll definitely do the giveaway tomorrow uh as well. Oh, I want to look at our fear and greed index. Let's refresh that. 74. Oh man, it's

feeling way too bullish way too early. I'm fine if we stay here, but man, I don't want to get overheated. I want the engine to overheat. The engine overheats and the car dies and you go back to uh extreme feed fear. All right, I wanted to go look at our top gainers top. There's a little bonus extra for you here. Useless coin 57%. Pawns 35%. We already kind of looked at those. Of course, don't forget lighter up 18% and Zcash up 18% basically. Aikido down another 11%. It really pumped back yesterday. So that pullback is pretty expected. Kite Sync, uh, Pith Network and any NFT AI NFT. That's what it is. That's kind of almost minuscule and meaningless. Mosa says 168 117. Let's go look at some revenue here. I mean, we pretty much know who is typically on

top of the revenue. Struggle heart says, "What's good? We're doing a giveaway." if you didn't hear number between zero and 200. Right. Appreciate that, Melissa. [clears throat] Hey, look. Uni Chain's on here. That's pretty funny cuz I don't feel like Uni Chain was represented on this chart before. And let's lock in. I don't even see Uni in these. They got to be in here. They have certainly made this a lot better. Yeah, but Unit Chain's revenue today was only $238. I almost like I don't really believe that. On the 18th, they had 2,000. Reliable J says, "I'm back. Does zero count? No, zero does not count. What' I miss? We're doing a giveaway of $5 crypto and this 3D printed Bitcoin bull to people I can actually ship it to [music] that don't live in like I don't know

the Philippines or something like that. And it's uh pick a number z I picked a number and you guys guess 0 to 200. Melissa wanted to know if zero counts. zero does not count. It's really just for my regulars and people who would still be here because those are mostly who I like giving the giveaway stuff too. Uh I don't know when you left Reliable J so I'm not sure what you missed but I thought the token autopsy of unis swap was really good. I think it's good when I learned stuff that I didn't know especially like that uh V2 and what V2 and V3 and V4 all entail. V4 the programmability and stuff. I didn't really know the details of all of that stuff. Uh 165 or sorry 156. Maybe I'm dyslexic with numbers. I don't know. Let's

see Robin Hood chain here. What did Robin Hood ch? Wow. Robin Hood chain just coming in here for that absolute revenue. They made $4 million today. I guess Robin Hood made 4.6 million today and they made 3.8 million. So all the activity is on Robin Hood chain basically. Uh let's see. Smooth operator says very cool to give anything away for free. Absolutely. We do giveaways uh quite often actually. Free crypto, whatever your choice. So feel free smooth operator to get in on this action. Any number between one to 200. Uniswap bought pawns both are going up today. Ah, that's good news. I didn't realize that. Good thing Reliable Jay is always so tapped in and comes to the stream. I appreciate you, brother. All right, so we looked at some revenue. Let's turn all back on just so I

can see who has the highest revenue for today. So today, Robin Hood highest revenue and yesterday Robin Hood. Hyperlid is up there and so is Canton. Canton gets quite a bit. Melissa says 200. Hey, smooth operator sent a star. Thank you. I appreciate that. Absolutely. And our gaming stream where I do a entire walkthrough of Lumina, which by the way I think is uh very low cap gem. Not going to say it's going to 10x or 100x, but it's got the potential to do so. Matter of fact, let's go check on the price. Aluminina. I don't even know what it is. Let's go retail. I love that. $2.31. I want to look at it more like in the last seven days, I guess. Down 17. So, a little pullback. A lot of people got in early, I'm sure. On

the month, we're still up 58%. I got in somewhere like a dollar high$150, maybe a$160. So, I'm up. Nothing crazy, but 500,000 max supply. If you know your tokconomics, it is amazing. 111 says, "Reliable Jay." Nope, that's not it. He also says 777. Shout out to Smooth Operator. That's a new name in the chat. Make sure you go join the Discord. It's free. And if you like what we do, consider that membership. So, of course, Luminina is GameFi. This is what we will be doing a walkthrough of tonight. And that stream will start probably about 10:15. It'll say 10:30 when you find it, but it's going to start about 10:15. All right, guys. We are going to make this a little simpler. It's between one and 100 [clears throat] and you guys have four minutes or I should say

you have until 1000 p.m. That's actually eight minutes. You have till 1000 p.m. to guess a number. I made it easier. It's one through 100 or I win the stream and I guess nobody will win. All right, now we get we turn the heat up a little bit. Struggle heart says 87. Melissa says 88. Struggle heart says 32 46 14. Reliable Jay said one two three. Uh Reliable Jay is going to get that thing. four again. Go make sure you join that Twitter. Reliable Jay's like, "Just kidding. I'm not doing all of that." All right, Struggle Heart. He's going for it. Sugar heart was getting close. So funny. Here's your part, Simpson. They wanted to go up, though. Struggle heart. That's the same number again. Struggle heart was really close. Melissa was really close at one point. What is

the next Robin Hood gem to get into before it explodes? I think you need to ask the prime minister of Japan, Melissa, for that one. 50 51 53 Let's see if anybody can guess it. Smooth operator said 15 higher. [clears throat] Sugarart said 49. I feel like there's a lot of repeated numbers here. Shrugart. Okay, that's cuz different people are. Smooth operator said, "I like this game." Well, get on in there and see if you can win. 36 45 I mean, there's only so many numbers between one and 100. 55 Sugar says 60. Straart says 61 62 63 47 64 65 66 sold to the struggle heart strugg heart. The number was 67, everybody. And then I also have other 3D printed stuff like this one. It's like two different triangles that fit perfectly. I don't know why it's

the best fidget tool ever. Little fidget toy. Uh, if you hear it in the mic, that's what I'm playing with in my other hand. All right, Struggart. You want another one, Struggart, please actually let me pay you, Struggart. And if you want the bonus item, I'm more than glad to see if I can send it to you. Let me see how much it would cost, but you're going to have to uh message me probably in Discord, you know, DM your address so that I can look at the shipping, see if I if it's uh applicable. If it's going to be $200 to ship you a bowl, then I I it might not be worth it. But you'll definitely get the free $5. Exactly. Must have says, "Congratulations and thank you for everybody for being here." Uh, I like doing

the token autopsy. I don't know how you guys think it stacks up to the normal stream. We'll do it for a while. Just cuz we're doing the token autopsies right now doesn't necessarily mean that we'll never do other series and other topics, but I would like to keep it going and I would like to do it for some time, right? I think what we might come to maybe later on is we might do uh just one a week or something, but for the foreseeable future, I think we're going to do some token autopsies for a few weeks so we can get a good number of them done. And there's so many tokens to do them on. Remember, we give them a score, and that score is based on its ability to capture value for the token. It's what everybody

always wants to know, but we're doing it in a researchbased way. Natada, here's my things that I think might 10x based off of what, you know, let's base it off tokconomics. Congratulations, Strike Heart. Yeah, definitely make sure you message me. I'd like to uh get that stuff. If for whatever reason you don't want to give me your address, that's fine. I'm not stressing that. What is this game? This game looks interesting. And we will continue to deep dive more games on D5 Friday. I'm not going to pick a specific game. I'm going to have other people kind of tell me what they think we should be playing, right? All right, guys. That pretty much concludes this episode. I was glad to get a little bit of bonus time with you here. And I like that the token autopsy is

not uh like a two-hour stream of us just going over every little detail. So maybe people will walk in and focus a little bit more if they know it's not going to be forever. But I love it. I got a a good stamina for going through that information. Anyways, gaming stream coming up 10:15. Give me about 15 minutes. We will launch that thing off [music] and stay underground. Stay crypto. Have a great night. It was fun to do a giveaway. We will do another giveaway tomorrow on the D5 Friday stream. Underground crypto out. See you on the next stream. Come to the next stream.