Current situation of Unichain Almost all pools have experienced a sharp decline in incentives since July. If the price of UNI no longer rises, this yield will be less competitive in the current high interest rate environment of stablecoins on the chain. According to Gauntlet's summary report last month, Unichain has achieved the KPIs set for TVL and trading volume data, but most of the growth comes from arbitrage rather than organic demand. For Uniswap, as long as they are willing to spend money, the scale can be achieved, because the AMM mechanism naturally brings arbitrage trading. Even if there is no actual demand, mainstream assets will definitely have trading volume. In the case of subsidy reduction or even cessation, TVL will decrease in the short term until it matches the trading volume and fee to a balance point, and it will probably stop at a certain position. Because Uniswap benefits from its own protocol stability moat, as long as the fee's yield is one level higher than the market average, there will be people doing LP. For a dex, Uniswap's expansion can still be completed without actual demand, but from the perspective of Unichain as a chain, if organic demand cannot be generated, this problem is completely different and users cannot accept it.