Great news, on July 19, @Uniswap will initiate two governance votes including one to activate protocol fees on v4. This could unlock +$100M in annual UNI token buybacks and burns IMO. How? (That's an imperfect estimation as v4 swap fees vary to infinity, but let me explain) 1/ First, I applied the median protocol fee switch across v2/v3 (~0.03125%) to anticipate the potential v4 fee. For v4, fees will reportedly be managed by an engine with 2 contracts: a) 'V4FeePolicy' and b) 'V4FeeAdapter'. Think of the 'V4FeePolicy' as a company "rulebook" that dynamically groups liquidity pools into "families" to apply protocol fees, and the 'V4FeeAdapter' as a "security guard" standing at the cash register, executing fee collection, checking the rulebook, and enforcing governance overrides when needed. 2/ Second, I computed the proxy rate to v4, which currently captures over +$900M in daily volume across +15 networks including @ethereum, @BNBCHAIN, @Polygon, and the newly integrated @RobinhoodCrypto Chain. 3/ Lastly, annualizing this daily capture easily pushes the protocol past the +$100M milestone in potential aggregate token burns ($900M × 0.03125% × 365 = ~$102.6M), creating a continuous deflationary force for the UNI token supply.(Ξliézer Ndinga)