Uniswap Revenue Growth Exceeds Fee Growth

Uniswap's recent fees have increased by 129% over the past 30 days, while protocol revenue has risen by 165%. The increase in protocol revenue is primarily due to the introduction of protocol fees, which allow for a portion of transaction fees to be extracted. This portion of revenue is captured through the burning of UNI tokens; the more active the trading, the more UNI is burned. The reason for the revenue growth outpacing the fee growth is the expanded applicability of protocol fees, with more pools across chains and versions starting to extract protocol fees, and incremental transactions mainly concentrated in these pools. Notably, Uniswap's tokenized stock trading volume on the Robinhood Chain has reached $2.6 billion, accounting for nearly all related transactions on that chain.

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