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[Uniswap Launches Fee Mechanism, Expected to Buy Back and Burn Approximately $460 Million UNI Annually] Uniswap has initiated a protocol fee collection and a mechanism to burn 100 million UNI, marking the first time UNI has real cash flow support, directly linking the token's value to protocol revenue. Analysts point out that Uniswap will allocate approximately $460 million in annual fees for buybacks and burns, with an annual deflation rate of about 5%. Valuation metrics include a price-to-earnings ratio of 21x and a price-to-sales ratio of 3.5x. Compared to Hyperliquid (P/E ratio of 37x) and Pump (P/E ratio of 6-8x), UNI is regarded as the first "valued token" representative among DeFi blue chips.