Yeah. Ok. This is insane. Uniswap's biggest source of revenue right now is Robinhood Chain... Which is all of two months old. ~$557k in protocol revenue over the last 24 hours, with ~$382k of that coming from Robinhood Chain. Uniswap deployed on Robinhood Chain from day one and became the DEX nearly everything on it trades through. Then in late July, $UNI holders voted to switch protocol fees on there. The share has climbed fast, with Robinhood Chain making up roughly 46% of Uniswap's protocol revenue over the past 30 days, 57% over the past week, and 69% in the last 24 hours (nice). But not all of that money is coming from onchain stocks. The chain created 22.6k new tokens in a single day this week, so a big slice of those fees is memecoin and launchpad activity rather than anyone trading tokenized $NVDA (Robinhood has openly admitted the chain works great for memes too, which is not usually what a broker puts in the press release). Uniswap did about $130M of tokenized stock volume on August 29th alone, around $1.5B cumulative in six weeks, and it holds roughly 99% of the tokenized stock liquidity on the chain, with a large share of it trading outside US market hours. Uniswap doesn't own the chain or the customers, but it's where the trades settle, and the fee switch means that settlement = $UNI being taken out of circulation. We warned you back in July against annualizing this chain's early fees, and that caution applies just as much to $UNI's burn rate now. Two things could throw a spanner in the works here: 1. Meme volume drains off the chain, the burn rate halves, and the annualized number drops. 2. US users still can't trade Stock Tokens, so the equities side is running offshore until regulators change that. For now, this is still net bullish. Our PRO analyst @BitcoinJesusETH bought $UNI last week, before its 20%+ run, then added again as it kept moving. If you were a Milk Road PRO member, you'd have seen his entry the moment he made it, and you'd be up on the position with him. This is the same guy that called $SKY, $SOL and $ETH, all before their recent 30%+ runs. Don't miss his next entry, try Milk Road PRO for $1. Link below.