Very few people have taken notice that the @Uniswap fee switch severely kneecaps Uniswap's ability compete with @AerodromeFi for LPs
I expect this to become extremely apparent when Aerodrome rolls out expansion to ETH mainnet and Arc later this month aerodrome-finance:native ethereum:0x1f9840a85d5af5bf1d1762f925bdaddc4201f984
AERO does 38% of uniswap's volume, distributes 100% of swap fees to veAERO holders, generates $4.2m/month in revenue, and trades at 8.5x P/S. uniswap trades at 61.9x. standard chartered just put a DCF model on UNI which means someone in tradfi will eventually run the same spreadsheet on AERO and have an uncomfortable conversation with their risk desk. ethereum mainnet launch scheduled before july 6, predictive allocation replacing governance voting with prediction markets for liquidity routing. $134m in annualized fees, $467m market cap. i'm a few trading levels above you if you need me to explain why that ratio is mispriced