how has Uniswap restructured $UNI’s value accrual mechanism? $UNI didn’t go from governance token to dividend token. @Uniswap rebuilt the entire value accrual path so protocol usage can remove $UNI from supply without ever paying holders cash. That distinction matters a lot. Because for almost 5 years Uniswap was one of the biggest fee machines in crypto while $UNI captured basically none of it. Now part of the swap fees from v2/v3/selected v4 pools + net Unichain sequencer fees are collected into TokenJar. TokenJar holds the actual assets collected from trading. ETH, stables, whatever tokens the pools generated. Anyone can take those assets out, but to do it they need to pay $UNI into Firepit where that UNI is permanently burned. So Uniswap itself is not market buying $UNI. Instead searchers decide when the assets sitting inside TokenJar are worth more than the $UNI + gas needed to claim them. Usage creates fee inventory → fee inventory creates an economic reason to acquire/burn UNI → supply disappears. Tbh the mechanism looked pretty mid during the first half of 2026. Only ~$28.2M became protocol revenue from $357.6B volume across Jan–Jul 2026. Not exactly Hyperliquid-level token economics. But the important thing is coverage was still rolling out. – daily protocol revenue went from $114K pre-v4 flip to $325K after it. – Robinhood contributed $170K on one post-flip day. – latest 30d protocol revenue is ~$10.3M, up ~134% over the period. That’s ~$124M annualized versus the ~$26–35M annualized numbers at the beginning of the year. What actually printed: – 111.7M $UNI gone, 888.3M remaining. – 11.7M of that is actual Firepit, the rest is the 100M gesture. – L90D / L180D annualized ~$97.6M / $75.3M. – annualized burn cleared $250M on Sep 8, heavily driven by RH. Currently the pipe is finally large enough to matter versus a ~$4B mcap, and the Firepit run-rate now outruns the 20M UNI/year Labs budget. I think design quality is high. They solved the constraint that killed every prior vote by not paying holders, burning float, wrapping the DAO, and making Labs a vendor. Legally, it’s probably the constrained optimum for a US-touched major. Respect the engineering. But magnitude is still mid. If we want this to look like HYPE economics, we’ll be waiting a long time unless they turn PFDA / UniswapX / the rest of v4 into real take. DYOR.