Uniswap (UNI)

IMO, OG DeFi is hilariously undervalued.

Theoretically, there should be an insane premium on UNI, AAVE, CRV, etc., given that their contracts have been battle-proven for over half a decade.

You simply can’t launch a new DeFi primitive today and easily compete with that.

➥ Which DEX is generating the most sustainable revenue?

DEX revenue is no longer only about who has the biggest volume, because each protocol captures value through a different model.

Some rely on spot trading fees, some rely on aggregator flow, some rely on veTokenomics, and some are still highly dependent on ecosystem cycles.

» volume king → @Uniswap / $UNI
» Solana aggregator → @JupiterExchange / $JUP
» Base liquidity hub → @AerodromeFi / $AERO
» multi-chain retail DEX → @PancakeSwap / $CAKE
» Solana AMM + launchpad → @Raydium / $RAY
» stablecoin AMM → @CurveFinance / $CRV

one thing to note: high volume does not always mean strong protocol revenue, and strong fees do not always mean direct value accrual to token holders.

I personally prefer DEXs with long-term brand, deep liquidity, multi-chain reach and a clear path for fee capture.

That is why I’m still betting on $UNI.

Uniswap has the strongest brand in DEXs, huge liquidity, V4 Hooks, Unichain, multi-chain expansion and the biggest upside if fee switch becomes a real value accrual engine.

btw, if DeFi enters a more revenue-focused cycle, I think $UNI is one of the cleanest blue-chip bets in the DEX sector ↓