#Strategy加仓BTC A recent DEX has launched on a high-performance public chain, instantly reaching over 50 million users within the ecosystem. This move indeed fills the gap of top-tier trading applications in the public chain ecosystem. It seems like a big event, but the performance of $UNI has been quite ordinary—there's more to the reason behind this than meets the eye.

First, the zero-fee strategy sounds great for users, but for the protocol itself, the new traffic doesn't translate into short-term revenue, and value capture is basically absent. Second, the current crypto market focuses on cash flow and real profitability; simply increasing user numbers is no longer as attractive. Meanwhile, $UNI's fee distribution mechanism is still in the conceptual stage; token holders can't receive direct benefits, making it less appealing. The third issue is liquidity fragmentation caused by multi-chain expansion—balancing liquidity among Unichain, Base, and the high-performance public chain is a major challenge, gradually diluting market confidence.

In the short term, ecosystem collaboration isn't a one or two-day matter; user migration and liquidity accumulation take time. But in the long run, with the advantages of low Gas fees and high performance, once transaction functionalities are further developed, there are significant opportunities for revenue generation from traffic. As long as the protocol fee policies are adjusted properly, re-evaluating $UNI becomes possible. At that point, the on-chain trading volume and liquidity pool growth will serve as the best indicators of market sentiment.

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