According to an article by KOL "@Michael_Liu93" published by Odaily Planet Daily, Uniswap's launch of protocol fee collection and the burning of 100 million UNI tokens will be seen by the industry as a key milestone in DeFi entering the "cash flow pricing era." This mechanism allows UNI to have real cash flow support for the first time, directly linking the token value to protocol revenue, and driving DeFi from narrative-driven to profit-driven.

Analysis indicates that Uniswap spends approximately $460 million in transaction fees annually on buybacks and burning, resulting in an annualized deflation rate of about 5%. Its valuation metrics are approximately a P/E ratio of 21 and a P/S ratio of 3.5. Compared to Hyperliquid (P/E 37x) and Pump (P/E 6–8x), UNI combines reasonable valuation with growth potential, becoming the first representative of a "valuable token" among DeFi blue chips.