Uniswap (UNI)

A few alts pumping means alt szn is back.

Feels more like people rotating into coins while the market still looks cheap.

@CoinMarketCap says altseason starts when 75% of the top 100 coins outperform BTC over the last 90 days.

Right now, even with BTC correcting, we're not even close, but IMO it's still a good sign.

If majors like $UNI, $AAVE, $WLD, $ONDO and other popular alts keep catching bids while BTC chops, the rotation is going to catch more attention.

$UNI isn't a governance token anymore. Fee switch live, buy-and-burn active, 67.3% of ETH DEX volume, 84.6% on Arbitrum. BlackRock and Fidelity deploying onchain. Standard Chartered has a $100 target by 2030. Cash flow asset, not a farm ticket.

Uniswap's fee switch is only half deployed.

The v3 partial activation is already generating $3.7M/month for the protocol and $4.7M/month for UNI holders.

At current prices, that's a P/S ratio of 41.6×.

> v2 still does volume and contributes $0 to this number
> v4 is currently the highest-volume version; also $0

Extend the fee switch to both and that ratio compresses. Full circulating supply dilutes the picture a bit, but it still holds up interestingly.

Some research team talked about $100 as a price target. I don't see it. Not even close.

But numbers are better than what I thought. The unlock schedule over the next few years for @Uniswap are also important, just tag @llama to know more.