Crypto analyst Jamie Coates believes that Uniswap's (UNI) recent proposal to change its commission structure could be a watershed moment for digital assets.
Uniswap recently proposed that traders who place bets and delegate them to #UNI would receive a portion of the protocol's revenue.
With Uniswap's revenues comparable to some stock markets in traditional finance, DEX is an example of how lucrative the digital asset industry can be and, according to Coates, could push UNI to surpass #bitcoin (BTC).
"Uniswap's 'commission switch' could be a watershed moment for crypto assets in this cycle, showing how profitable an open financial protocol can be. Not to mention, it's a big FU for the SEC (US Securities and Exchange Commission) - UNI tokens are up 50% since the news broke.
With a market capitalization of $10 billion, the asset will earn $760 million in fees this year, which is equal to the revenue of the 13th and 14th largest exchanges in the world (Australian Stock Exchange and Singapore Exchange) in 2023.
The company trades at a P/S (price/sales ratio) of 14x, not necessarily "cheap" by traditional standards, but the same as the CME (Chicago Mercantile Exchange). Among the many differences, however, is one: #Uniswap employs about 40 developers and has sales of about $18.75 million per employee, compared to $1.45 million per employee at the CME.
On the charts, the breakaway from the underlying pattern is obvious, but on a relative chart compared to bitcoin it has yet to prove that it is the small, elite camp of cryptocurrencies that can outperform the king of assets this year. "
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