A case for UNI, told in ten charts. A vast addressable market and a widening product surface, and a token that, for now, captures only a sliver of it. The whole case fits in one number: how much of the fee base reaches the token.
From a quadrillion-dollar ocean
The funnel spans eight orders of magnitude: world financial-asset settlement runs at ~$3,000T per year, addressable on-chain spot flow at ~$5-6T today, Uniswap annualized volume at ~$0.88T, gross fees at ~$0.88B (~0.10%), and only ~$45M reaches the token after a ~5% cut. Since UNIfication a permanent buyback-and-burn finally wires the token to that growth, but a spot AMM pays its liquidity providers first, so only ~3-7% of fees reach the token versus ~98% at Hyperliquid. That last filter, how much reaches the token, dominates all the others, and lifting the slice is the entire investment question.
Key findings
- 30-day spot volume is ~$73B and annualized fees are ~$0.9B (~US$0.6-1.05B across 11 chains), yet only ~5% reaches the token.
- Cumulative volume compounded ~70x while TVL peaked at $10.5B (Dec 2021) and drifted, as concentrated liquidity decoupled activity from capital locked.
- FDV/market cap sits at 1.4x with no unlock overhang and no vesting cliffs left.