Uniswap Founder Questions Aerodrome's Revenue Model: "Charging 100% LP Fees and Returning Them as Tokens" Creates Illusion of Revenue and is Meaningless

Odaily News Uniswap founder Hayden Adams and Aerodrome CEO Alexander have clashed over the LP fee revenue model. Hayden Adams posted on platform X, stating that Alexander's claim that his platform's "revenue" is five times that of UniSwap is somewhat misleading. This is because Aerodrome charges 100% of LP fees and returns them to LPs through token issuance or liquidity incentives. This method makes the revenue figures appear large but does not represent sustainable fees, creating an illusion of revenue that is meaningless. If Uniswap charged 100% of LP fees and returned them as tokens, its reported "fee revenue" could reach $1 billion. However, the design of Uniswap's protocol fees is different; a portion of the swap fees belongs to the protocol, while the majority still goes directly to LPs. The goal is long-term sustainability, not inflated surface data.