Observations and personal views from Nothing Research Partner @0x_Todd. The following content does not constitute any investment advice.

Just a casual remark. Due to the Unichain mining, the $UNI and transaction fees earned by each account are highly correlated.

All this forces liquidity providers to compress the price range to the maximum extent possible, with a 0.01% fee rate and an average of two tickers (otherwise it's treated as the denominator), meaning that USDT~USDC must narrow the range to 0.9998-1.0000 😂

So, it means:

Uniswap, by paying hundreds of thousands of dollars in subsidy costs,

Has exchanged for tens of millions of dollars in super depth of stablecoins on Unichain,

(But only limited to ± 1/10000, once it falls below 2/10000, the depth drops dramatically),

But it only generates 1K-2K in transaction fee revenue per day,

The key point is that Uniswap itself cannot even take a cut of this fee.

So, I really doubt the significance of doing this.

What does your 0.01% matter? The USDT-USDC market on Binance has a 0% fee, and it’s where users start.

I came across several posts yesterday criticizing the difficulties of cross-chain transactions to Unichain; Unichain really is at the end of the universe.

----Divider----

The user profile that can trade stablecoins on Unichain must meet:

1. Urgent but not too urgent

(SuperBridge has a 25 min mandatory wait, making a round trip of 50 min

Those who are not in a hurry can place orders on CEX)

2. Large amounts but not too large

(Amounts below 5M should go to CEX, amounts above 20M would break the liquidity)

3. Particularly concerned about fees, but can’t be too stingy

(Cannot accept the mainnet's 0.05% but can accept 0.01%)

4. Skilled in cross-chain, and adept at using cross-chain bridge TG for issue resolution

Don't say it — it’s hard to say which is narrower between this user profile and Uniswap's range requirements 😅