High EQ: Uniswap now generates daily fees far exceeding protocols like Hyperliquid and Pump. Low EQ: @Uniswap distributes over 90% of the fees it generates to LPs, and over 80% of the contribution comes from @RobinhoodApp Chain. The protocol revenue generated by Robinhood Chain (fees - LP incentives) is not yet being used for UNI token buybacks, as it’s currently undergoing a lengthy, phased proposal voting process. This means that the theoretical maximum percentage of Uniswap’s fees that can currently be used for UNI token buybacks is only 2%.