争吵了两轮周期的事情终于尘埃落定，uniswap打开fee switch，币价也终于和业务挂钩了，简单解释下这个回购，然后跟大家算几个数字吧。
1. 烧了1亿枚币，占总量10%，大约9.5亿美元（为之前没有烧做弥补）
2. 拿1/6的手续费做回购燃烧（5/6去lp），过去30天，2.3亿美元的手续费收入，年化算的话27.6亿美元，1/6就是每年4.6亿美元在市场上回购uni并燃烧，按照目前市值，大概每年通缩速度是代币总量的5%不到
3. 算算Uni的估值倍数，95亿市值，对应市盈率 21x P/E，市销率 3.5x P/S
4. 对比hyperliquid，hyperliquid 421亿 FDV，年收入12.9亿，年回购额11.5亿，市盈率 37x P/E，市销率 33x P/S
5. 对比pump，pump 45亿FDV，meme业务的收入波动比较大，过去几个月都在1-3m之间波动，假设1.5-2m收入每天，年化就是5.5-7.3亿美元的收入（100%回购），对应市盈率和市销率都是6x-8x左右。
算完后有些唏嘘，这些业务放到美股去也许估值都是3-5倍溢价打底的资产，而在crypto反倒成了低估的价值标了。不过是个好的开始，一方面越来越多优质的crypto资产选择通过DAT捕获美股流动性，而只有代币挂钩了业务才能脱掉“空气币”的外套，二级的主流资本才可能接纳，虽然坎坷，但至少未来的路径很清晰。
恭喜Uniswap。
Today, I’m incredibly excited to make my first proposal to Uniswap governance on behalf of @Uniswap alongside @devinawalsh and @nkennethk
This proposal turns on protocol fees and aligns incentives across the Uniswap ecosystem
Uniswap has been my passion and singular focus for the past 8 years. What started as a small side project is now global financial infrastructure powering thousands of applications with ~$1.8 trillion in annual trading
UNI launched in 2020, but for the past 5 years Labs has been unable to meaningfully participate in Uniswap governance, and has been greatly restricted in the ways it can build value for the Uniswap community. That ends today!
This restriction was in great part due to a hostile regulatory environment that cost thousands of hours and tens of millions in legal fees. Fortunately, the regulatory environment has shifted
This proposal comes from a strong desire to see the Uniswap protocol win as the global decentralized exchange for tokenized value
At a high level, the proposal:
1. Turns on protocol fees and uses them to burn UNI
2. Sends @unichain sequencer fees to the UNI burn
3. Burns 100M UNI from the treasury representing the protocol fees that could have been burned if fees were turned on at token launch
4. Introduces Protocol Fee Discount Auctions, a new way to improve LP outcomes and internalize MEV to the protocol
5. Introduces "aggregator hooks” which will turns Uniswap v4 into an onchain aggregator that collects protocol fees on external liquidity sources
6. Focus Labs on driving protocol growth and adoption, including a contractual agreement to only pursue initiatives that align with Uniswap governance interests
^ As part of this, Labs will stop collecting fees on its interface, wallet, and API to supercharge distribution and adoption of the Uniswap protocol
7. Moves Foundation employees to Labs with a shared goal of accelerating protocol growth, under a growth fund from the treasury
8. Move governance-owned Unisocks liquidity to v4 on Unichain and burn the LP position
I believe Uniswap protocol can be the primary place tokens are traded. This proposal sets the stage for the next decade of its growth
@Uniswap will ship relentlessly over the coming years and supercharge the ecosystem of developers, LPs, and traders building on top
I'm so grateful to the community that has made this all possible, and excited for what's next
🦄
66,78 rb
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