DeFi Dragon Rises, UNI Breaks $5 Logic Analysis In our potential knockoff projects at last week's trading point, UNI briefly broke through $5.4 yesterday and rebounded about 133% from the bottom in the past three months, making it one of the best performing old line projects in this round of gains. What logic is driving UNI to gradually regain lost territory? There are three main points of bullish logic: one ⃣ DeFi's leading effect still exists As the leader of the DeFi cycle, Uniswap has advantages in liquidity, routing, developers, and multi chain integration. V2, v3, v4, Uniswap X form a complete trading infrastructure, no longer just a single AMM. two ⃣ Robinhood Chain brings real incremental growth Robinhood Chain has recently become popular, with Meme trading and stock RWA going live. Its main public AMM infrastructure is Uniswap. Currently, Robinhood Chain contributes approximately 69% of Uniswap's daily protocol revenue. This has been converted into the actual cash flow of UNI destruction. three ⃣ US ICO favorable policies open up imaginative space The SEC is advancing the Reg CA policy (detailed analysis can be found in the quote below) ）， Uniswap is expected to undertake the issuance, pooling, and secondary trading needs of new high-quality on chain assets in the United States. However, UNI is only a second-order beneficiary, and its benefit path is - transactions enter Uniswap, corresponding pools start charging, and policy dividends ultimately translate into destruction. Three potential issues: one ⃣ UNI value capture is still weak. Uniswap had a transaction fee of approximately 6.32 million US dollars in the past 24 hours, but only 443000 US dollars were actually attributed to the agreement and used for destroying UNI, resulting in an overall value capture rate of less than 10%. And this is already the revenue after Uniswap passed the repurchase and destruction agreement. In the past five years, UNI has often been mocked as a false prosperity and zero cash flow state. two ⃣ 'Full unlocking' does not mean 'full circulation'. UNI currently has about 623 million tokens in circulation, with a total supply of about 890 million tokens and a circulation rate of about 70%. The national treasury still has a large balance of tokens. three ⃣ Destruction and expenditure are approaching balance. In the past 30 days, the annualized revenue from the agreement is approximately $101 million, which, at current prices, can destroy approximately 20.1 million UNI units; But Uniswap Labs also has an annual growth budget of 20 million UNI units. Reducing supply and putting treasury tokens into circulation have basically offset the supply and demand in the secondary market. Moreover, out of the approximately 109.5 million items already destroyed by UNI, 100 million items belong to one-time retrospective destruction. Currently, there are only about 9.54 million organic destructions generated by ongoing agreement revenue. ⭐ Conclusion So, the most accurate investment logic for UNI currently is: It has evolved from a 'zero cash flow governance coin' to ➡️ DeFi and the repurchase and asset destruction of on chain stock trading volume have improved fundamentally. But value capture is still weak and highly dependent on Robinhood Chain activity. The true confirmation signal of a bull market may depend on whether Uniswap's continued destruction volume can significantly exceed its annual growth budget of 20 million units.