A leading DEX protocol raked in $700 million in annual revenue while processing $80 billion in monthly trading volume—yet its governance token sits at $6.30, down a brutal 40% year-to-date. Here's the puzzle: come January, the fee switch flips on for the first time since 2020, finally routing liquidity provider fees straight to token holders instead of the protocol treasury. That's supposed to be bullish, right? Not if LPs start defecting. Some liquidity providers are already eyeing alternatives—certain rival DEXs and competing liquidity platforms suddenly look more attractive when fees shift against them. The real question isn't whether the mechanism works on paper. It's whether this transition triggers a liquidity migration before token holders even see their first paycheck.