up is powered by the most valuable asset there is: time. If you provide liquidity on up and stake it, you're paid in $UP instead of trading fees, and those fees go to the people who lock. The obvious question is why an LP would make that trade. The answer is that most $UP is locked. People commit it for up to four years to earn a share of every fee the exchange makes, and that commitment is what gives the reward its value. The emissions are only paid while your liquidity is in range. So it stays tight on the price, the tight price wins the trade, and the trade earns a fee. The fee goes to the lockers. Everyone wins the same way, so everyone pulls the same way, and the more aligned they are, the better up performs. And unlike previous (3,3) deployments, the printing is capped. up only emits what each pool's fees can justify, which is how $242k went to lockers this week while barely inflating the supply to pay for it. up.