The honeypots and washtrading are also on Ethereum mainnet. With some filtering I am seeing Uniswap hypothetical protocol fees from Ethereum mainnet in 2025:
v2: $14m
v3: $53m
Total: $67m
Without filtering: $167m combined
Uniswap v4 was incentivized during the time, which will skew data on that usage some. If comparable to v3 on all other fronts (it is less), would expect ~$120m in total project revenue once filtered vs ~$240m unfiltered.
So, everyone projecting buyback amount could very easily be off by a factor of 2, maybe more unless they are filtering data.
This is even before LPs migrate.
So, one thing a fee switch will do is make scammy pools (honeypots, automated rugs, etc.) vanish overnight. These rely on the protocol take rate being exactly 0.
By my rough estimation, half of recent Uniswap volume on Base falls into this camp.
Uniswap's official Dune tracker does no filtering:
It shows $208.07b in volume for 2025 on Base.
However, applying some filters I have, I find the 'non-scammy' volume to only be $77.38b.
They could have at least filtered out the volumes from the Impermax hack, 10% of the yearly amount reported above is from that event alone.
Half of Base volume on Uniswap will vanish overnight once the fee switch goes live. Anyone running analysis about revenue rates and burn rates for UNI will be off if they are looking just at unfiltered top line values.
This doesn't even get into the flight of capital that will take place once LPs see their rates cut.
I am excited to see how my filters hold up post fee switch, could be a tremendous validation to the filtering methods if the 'scammy volume' vanishes once the switch is flipped.
Yearly:
Monthly:
5.97K
20
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