Regarding the value of $UNI , I would like to share some in-depth thoughts.
Recently, there has been continuous questioning of UNI in the market, but many viewpoints are worth discussing. Some say UNI is just a governance token without actual value, which clearly overlooks the latest proposal from the Uniswap Foundation — protocol fees will be distributed to UNI holders participating in staking votes. This innovative model is likely to become standard configuration for future DeFi projects.
Regarding the issue of concentrated governance power, we need to view it rationally. The controversy sparked by a16z's veto of the proposal to deploy UNI on BSC raised questions, but from a strategic perspective, Uniswap has already laid out its position in mainstream public chain ecosystems like Ethereum and Polygon. BSC, being a more centralized chain, indeed poses policy risks; rather than spreading efforts thin, it is better to focus on the existing high-quality ecosystem.
The seemingly "inactive" design of UNI is precisely its brilliance. In the current regulatory environment, an overly aggressive dividend mechanism might attract scrutiny from the SEC. Uniswap's choice to allocate all fees to LPs maintains the essence of decentralization while cleverly avoiding the risk of securitization. This strategy of "great wisdom appearing foolish" is worth pondering.
From a valuation perspective, the current market capitalization of UNI at $5.3 billion has enormous imaginative space for the next bull market. As the overall scale of the cryptocurrency market expands, Uniswap, as industry infrastructure, could potentially achieve a higher premium. Compared to the heavy asset operating model of traditional exchanges, UNI's light asset nature gives it stronger profitability and lower operational risks. In the context of frequent exchange failures, more and more users are turning to decentralized solutions, creating long-term value support for UNI.
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