Let’s talk a bit about ethereum: 0x1f9840a85d5af5bf1d1762f925bdaddc4201f984 This pullback is pretty deep, mainly due to a few reasons: overall market correction, whales transferring tokens to CEX for cashing out, and Robinhood’s trading volume decline. In September, protocol revenue was around $14.7M, with Robinhood Chain contributing about $7.8M, accounting for more than half. Recently, the Robinhood meme hype has cooled off, and trading volume, fees, and token burns are all declining. However, Uniswap has already monopolized most AMM trading for tokenized stocks. Hayden mentioned that many tokenized stock pools on Robinhood have exceeded current limits, and he’s preparing a letter to the SEC requesting relaxed limits. OKXICE has already filed with the SEC, planning to use Uniswap v4’s permissioned pools on X Layer to trade 63 tokenized U.S. stocks. In terms of narrative, Uniswap is almost synonymous with the infrastructure for on-chain tokenized stock trading. The dynamics of DEXs are quite different from lending. Aave is facing competition from Sky and Morpho, along with the resurgence of Compound and Euler. At this stage, Uniswap has virtually no strong rivals. As of now, UNI holders are quite sensitive to burn data. With Robinhood’s hype cooling down, it’s quickly reflected in UNI’s price. Coupled with news of whales cashing out, there’s significant short-term price pressure. However, after this pullback, it’s expected to remain one of the top rebound targets.