Uniswap generating $647m/year in protocol fees at a $1.69b market cap. that's a 2.6x price-to-fee ratio. hyperliquid trades at 10.5x on the same metric. blackrock bought $UNI tokens directly and integrated BUIDL as yield-bearing collateral via uniswapX. fidelity chose uniswap as the liquidity layer for $FIDD . 84% of all tokenized gold DEX volume routes through uniswap pools. burned $600m in supply after proposal 96 expanded fee-burn to 11 chains. 134,000 UNI burned in 24 hours. the protocol that blackrock, fidelity, and standard chartered are all independently choosing to build on is trading at a quarter of hyperliquid's fee multiple