Uniswap's revenue in the past 24 hours was approximately $3.27 million, ranking third in the industry, behind Tether and Circle.

The resurgence in revenue is synchronized with on-chain activity in ETH and market making and trading brought by ETFs, with fee income being amplified under the dual-variable drive of 'price × activity level'; more critically, the governance structure of DUNA proposed by the foundation is paving the way for a 'fee switch', and the market is beginning to reassess future cash flow distribution.

If DUNA is implemented and clearly allocates revenue to the protocol/ecosystem, the 'cash flow - valuation' loop of UNI will become clearer, and coupled with an upward preference for main chain asset allocation, the DEX sector is expected to welcome a second pricing.