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UNI surged 18%. The social circle is flooded with "SEC new policy benefits," discussing the "tokenized stock narrative taking off." Few people noticed what happened on-chain. On July 27, the Uniswap v4 fee switch was officially activated. In less than two months, the daily average protocol revenue soared from $118,000 to $318,000, a 2.7x increase. More than half of this comes from the same chain—Robinhood Chain single-chain daily contribution is $168,000. On August 29, tokenized stock daily trading volume on this chain reached $130 million, nearly a 10x increase in one month. Uniswap captured 99% of the tokenized stock DEX liquidity on this chain—v4 accounts for 73%, v3 for 26%. Six weeks after mainnet launch, cumulative tokenized stock trading volume exceeded $1 billion. All of this was achieved without any participation from U.S. traders. The burn flywheel has already started spinning. TokenJar is like a transparent money jar that only accepts deposits; protocol fees continuously accumulate inside. No one can withdraw money directly; the only way to open the jar is to burn an equivalent value of UNI. Arbitrageurs see that the fee value in the jar exceeds the cost of buying UNI to burn, so they automatically buy and burn UNI to unlock fees and earn the spread. The entire process is executed on-chain automatically without manual intervention. On September 4, 184,000 UNI were burned in a single day, worth $1.15 million. Robinhood Chain contributed over 80%. In August, 1.946 million UNI were burned. Founder Hayden announced that the annualized UNI burn rate has exceeded $250 million. Cumulative burns have surpassed 110 million UNI, accounting for more than 11% of the total 1 billion supply. While other concept coins are still priced by "narrative," UNI can already be priced by "revenue." Its share rose from 21% to 31%, an increase of nearly 10 percentage points. Monthly protocol revenue went from zero to a stable $7.2 million. It is not an inflationary governance token. It is an asset supported by real revenue and driven by a deflationary flywheel. But there are two things you need to know. First, U.S. users currently cannot participate in tokenized stock trading on Robinhood Chain. This $130 million daily volume has nothing to do with U.S. retail investors. Second, a significant portion of the trading volume is driven by Meme coins, so sustainability needs to be observed. Robinhood Chain’s gas-free subsidy policy may end in late September; once transaction costs rise, whether activity cools down is the biggest variable going forward. 👀 Soul-searching question: When real transaction data on a chain is right there, protocol revenue numbers are right there, and the burn flywheel is running every day— Are you still watching the candlestick charts, or have you started watching the chain? $UNI $ONDO $ETH