Uniswap is finally starting to make real money. After the V4 fee switch went live, daily protocol revenue jumped from $118K to $318K, and UNI burn has also accelerated, with Robinhood Chain contributing over half of the revenue. However, the current traffic heavily relies on Meme trading and Gas-free subsidies. Once the subsidies expire in September, whether the revenue can be sustained will be the first real test of this business model.