$UNI is currently trading at an implied 18x FDV/BBB (ann), with $475M estimated annualized buybacks making it the 2nd largest buyback protocol. This also doesn't count Fee uplifts from: i) MEV internalization through PFDA -> expect 10% uplift from this, ii) Aggregator Fees

Methodology, 100% of Protocol Fees will be going to Buyback and Burn (BBB) $UNI. Fee switch is as such: a) Univ2 -> 0.3% LP Fees take rate now, will be 0.25% to LPs and 0.05% to UNI BBB. b) Univ3 (has different fee tiers on different pools) -> - 0.01% fee tier pools: with the fee switch it will be - 0.0075% LPs, 0.0025% BBB - 0.05% fee tier pools: 0.0375% LPs, 0.0125% BBB - 0.3% fee tier pools: 0.25% LPs, 0.05% BBB - 1% fee tier pools -> LPs 0.83%, 0.16% BBB Unichain -> It will direct all Unichain sequencer L2 Fees, (after L1 data costs and the 15% revshare to Optimism), into UNI’s BBB. Not added: - Univ4 (not added to the estimate but probably should add the Univ4 "vanilla" pools that are basically Univ3 pools. - MEV internalized from Protocol Fee Discount Auctions (PFDA), which once implemented will get translated into higher fees for LPs across the different Uni pools, of which they take a cut, depending on the fee tier and pool. These fees come from current MEV that is going to searchers and validators. I expect a 10% Fees or BBB uplift from this once implemented. - Aggregator Hooks: which will turns Uniswap into an Spot DEX Aggregator, which brings a new fee source (will work similar to Jupiter, where they can charge a fee on volume routes to other AMMs). Accumulated Fees will also go to BBB.

Methodology, 100% of Protocol Fees will be going to Buyback and Burn (BBB) $UNI. Fee switch is as such: a) Univ2 -> 0.3% LP Fees take rate now, will be 0.25% to LPs and 0.05% to UNI BBB. b) Univ3 (has different fee tiers on different pools) -> - 0.01% fee tier pools: 0.0075% LPs, 0.0025% BBB - 0.05% fee tier pools: 0.0375% LPs, 0.0125% BBB - 0.3% fee tier pools: 0.25% LPs, 0.05% BBB - 1% fee tier pools: 0.83% LPs, 0.16% BBB Unichain -> It will direct all Unichain sequencer L2 Fees, (after L1 data costs and the 15% revshare to Optimism), into UNI’s BBB. Not added: - Univ4 (not added to the estimate but probably should add the Univ4 "vanilla" pools that are basically Univ3 pools. - MEV internalized from Protocol Fee Discount Auctions (PFDA), which once implemented will get translated into higher fees for LPs across the different Uni pools, of which they take a cut, depending on the fee tier and pool. These fees come from current MEV that is going to searchers and validators. I expect a 10% Fees or BBB uplift from this once implemented. - Aggregator Hooks: which will turns Uniswap into an Spot DEX Aggregator, which brings a new fee source (will work similar to Jupiter, where they can charge a fee on volume routes to other AMMs). Accumulated Fees will also go to BBB.

@lazyvillager1