Uniswap smashed records with 915 million swaps and more than $1 trillion in volume during 2025.

Yet the $UNI token price remains stuck, sparking debate over why booming protocol revenue doesn’t benefit holders.

Experts say lack of buybacks and profit-sharing keeps UNI’s value divorced from Uniswap’s success.

Critical changes needed: connect $UNI to actual business growth, add on-chain profit mechanisms, and bring transparency to supply management.

Until then, UNI is labeled “meaningless” despite the protocol’s leadership in DeFi.

At $8.09, it’s down 82% from its 2021 peak.