Author: Blue Fox Notes
Recently, Uniswap is not only experiencing an increase in trading volume, but the money captured by the protocol is also growing faster; the current situation is: the protocol's revenue efficiency is improving.
Specifically, in the last 30 days, Uniswap's fees increased by 129%; the protocol's revenue soared by 165%.
The higher the protocol revenue, the more UNI is usually burned.
So, why is the increase in protocol revenue even higher than that of transaction fees?
Every transaction on Uniswap generates fees. Previously, most fees went directly to LPs (liquidity providers), and the protocol did not take any.
The previous UNI mainly represented voting rights and did not have direct value capture.
At the end of last year, UNI opened the protocol fee switch: the protocol began to collect part of the fees from transaction fees.
This is the source of the protocol's revenue.
This portion of protocol revenue does not directly distribute money but instead burns UNI:
1. Fees accumulated in TokenJar
2. Someone uses UNI to exchange for these accumulated assets
3. The UNI given up during the exchange is permanently burned
The result is that the more active the trading, the more the protocol receives, and usually the more UNI is burned.
Now, to answer the initial question: why has the revenue increased faster than the fees this time?
If it were just an increase in trading volume, fees and revenue would typically rise by a similar proportion.
Now, the revenue increase (165%) is clearly higher than the fee increase (129%),
mainly because: the scope of the protocol fee pools is expanding (more chains/more versions of pools are starting to collect protocol fees), and incremental transactions are increasingly landing on these fee-collecting pools, with a significant contribution from the Robinhood chain.
The volume of tokenized stock trades settled on Uniswap on the Robinhood Chain has accumulated to $2.6 billion and almost monopolizes this type of stock trading on the chain.
免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。
