The market value of $UNI is far undervalued.
The total market value of Solana has exceeded 110 billion, and the total market value of Jupiter, the largest transaction aggregator in the Solana ecosystem, has exceeded 13.4 billion. The market value ratio of the two is 8.2:1.
The total market value of Ethereum has exceeded 400 billion. Uniswap, as the largest DEX in the Ethereum ecosystem, has a market value of only 12 billion. The market value ratio of the two is as high as 33:1.
Uniswap's market value trading volume has been surpassed by Jupiter, which is reasonable in the short term because Jupiter's trading volume has surpassed Uniswap.
However, whether it is absolute market value or relative L1 market value ratio, I think Uniswap is undervalued.
Uniswap will launch on-chain voting for fee dividend proposals next month, launch V4 in the third quarter, and expand the liquidity cross-chain solution UniswapX to mainstream L2. These positive factors have not yet been reasonably priced in the market.
How long will this unreasonable market pricing continue?
