Uniswap Makes $3 Billion in Fees: Analyst Calls UNI Worthless?
Uniswap, the leading decentralized exchange (DEX), has achieved a significant milestone, generating over $3 billion in trading fees as of 3 de ago. de 2025. Data from DeFiLlama shows cumulatively, Uniswap has generated over $2.3 billion in fees, highlighting its dominance in the decentralized finance (DeFi) space. These fees are generated from swaps on Ethereum and various other platforms. In the last 24 hours alone, Uniswap generated over $854,000.
Despite this impressive revenue generation, a recent analysis has questioned the value of the UNI token. K33's report, also noted 3 de ago. de 2025, suggests that while Uniswap has generated billions in trading fees, holders of DEX governance tokens, like UNI, shouldn't expect their price to necessarily rise to fair values based on those fees.
Why the Disconnect Between Fees and Token Value?
The core issue lies in the distribution of these fees. While Uniswap earns a 0.3% fee on trades, as noted 3 de ago. de 2025, these fees are not directly distributed to UNI token holders. UNI serves primarily as a governance token, granting holders voting rights on protocol changes and future developments. This is where the debate about the worth of UNI stems from. Currently, the fees accrue to liquidity providers.
Potential Changes and Future Value of UNI
However, potential changes are on the horizon that could shift the dynamic. A proposal, authored by Uniswap Foundation lead Erin Koen, recommended an upgrade that would reward UNI token holders who stake and delegate their staked tokens with, noted 23 de feb. de 2025. This proposed reward system could significantly impact the perceived value of UNI and its market price.
Furthermore, some believe that Uniswap is currently one of the most undervalued crypto assets. Since 2025, the asset’s MVRV has been hovering, suggesting potential for future growth if market sentiment shifts. Uniswap's resilience is further evidenced by its impressive trading volume, even amidst regulatory challenges. On 16 de abr. de 2025, Uniswap's trading volume was approaching $3 billion, highlighting its continued user adoption and market activity. Uniswap's move to hike fees, as also reported 16 de abr. de 2025, was partially to prepare for its ongoing battle with the SEC. Also on 16 de abr. de 2025, news of a UNI token unlock also added to market activity.
Conclusion: UNI - Undervalued or Worthless?
The debate surrounding the value of UNI is complex. While Uniswap generates substantial fees, the governance token's current utility doesn't directly correlate to these earnings. However, with potential protocol upgrades and continued innovation, UNI's future value remains uncertain. Investors should carefully consider the risks and potential rewards before investing in UNI, taking into account both the positive revenue generation of the Uniswap platform and the current limitations of the token's utility.