3️⃣ UNI has not further developed its added value, resulting in the original territory being eaten up by imitators; in 2022, it has become a common phenomenon that the contract trading volume in leading exchanges far exceeds the spot trading volume, and spot trading has also emerged as a free trend. For CEX, spot has become more of a means to acquire and maintain active customers, which makes it more difficult for DEXs such as Uniswap to obtain pricing power.
4️⃣ If UNI can successfully start sharing, under optimistic circumstances, the protocol revenue will still be small, the valuation is not low, and it is not enough to cover team expenses: Uniswap’s current year’s fee income is estimated to be US$434 million. Even with a best-case scenario of 10% on all trading pairs, the protocol would only generate $43 million in revenue.
