Uniswap founder Hayden Adams recently clarified misconceptions about protocol revenue benchmarks. He straightforwardly stated that some comparison methods can be misleading—for example, the Aero model, which takes all LP fees and then uses tokens to incentivize liquidity providers. While this makes the "revenue" look impressive on paper, the problem is that it’s not a truly sustainable source of income, and LPs' actual returns are highly dependent on third-party token price fluctuations.

Uniswap is taking a different approach. The protocol only takes a portion of the fees, with the rest going to LPs. This design philosophy is clear—it's not about creating impressive revenue figures but about figuring out how to survive long-term. Fee adjustments will be implemented steadily, with recent priorities focusing on ensuring liquidity and ecosystem growth. Aggressively raising fees could scare away liquidity.

Adams also mentioned that we are still in the early stages, and it’s actually very difficult to accurately predict annual burn scale or revenue scale. The real opportunity lies in capturing the growth dividends of future transaction volumes reaching trillions of dollars.