UNI Has Broken Above 10 Again, But This Time It’s Completely Different
Last November, UNI also broke above 10.
It briefly touched it, then—fell back down to 9.24.
Today, UNI climbed above 10 again, touching 10.85 intraday and rising over 14% in 24 hours.
The same price, but two completely different stories behind it.
Last time it broke above 10, you were buying a blank check
On November 11, 2025, Uniswap founder Hayden Adams and Foundation executive director Devin Walsh jointly proposed a governance proposal: activate the protocol fee switch and use fees to burn UNI.
Once the news broke, UNI surged over 40% in 24 hours, briefly breaking above $10.
And then?
The proposal had not even gone to a vote, and revenue was still zero. The market was purely speculating on “what might happen in the future.” Once the hype faded, the price obediently fell back.
How dire was UNI’s situation that year? From 2020 through the end of 2025, the protocol generated hundreds of millions to over $1 billion in fees annually, all of which went to LPs, while UNI holders received not a penny. UNI was merely a voting tool.
That is the fate of governance tokens—priced on expectations; when the expectations disappear, so does the price.
This time, when you buy UNI above 10, you are buying real revenue
On July 27, 2026, the fee switch was officially activated on Uniswap V4.
Not a proposal, not a vote—it actually started collecting money.
How explosive was the data?
The protocol’s average daily revenue soared from $118,000 in early July to $318,000, a 2.7x increase. Robinhood Chain alone contributed $168,000 per day on average, accounting for half of the total revenue across the network.
Daily UNI burns briefly reached 106,000 tokens, setting a record of 186,000 tokens.
In early September, 178,000 UNI were burned in a single day, worth over $1.11 million, with Robinhood Chain contributing 144,000 tokens, or over 80%.
UNI founder Hayden Adams personally posted an update on X: UNI’s annualized burn rate has surpassed $250 million.
The cumulative burn has reached approximately 112 million tokens, accounting for 11.2% of the maximum supply.
The last time UNI broke above 10, the market was betting that a proposal would pass.
This time, breaking above 10 is the market calculating how much money the protocol has made.
Governance tokens are priced on expectations of votes, while cash-flow assets are priced on revenue multiples. What UNI is experiencing is the replacement of the former by the latter—and once this process begins, it cannot be reversed.
Why Is Robinhood Chain UNI’s “Money Printer”?
Robinhood Chain launched its mainnet on July 1, and Uniswap was this chain’s public AMM from day one.
And the result?
Uniswap controls approximately 99% of the tokenized stock liquidity on Robinhood Chain, with daily trading volume reaching $130 million.
Over the past 30 days, Uniswap collected $78.73 million in trading fees on Robinhood Chain—60 times its share from Arbitrum during the same period, accounting for 66% of Uniswap’s total revenue across all 47 chains.
Uniswap charges a 0.465% fee on every dollar traded on Robinhood Chain, compared with a global average of only 0.214%, more than twice as high.
Why? Because tokenized stocks are concentrated in V4’s high-fee pools.
A DEX has become the settlement layer for the world’s largest retail brokerage’s tokenized stocks.
Last November, when you bought UNI, you were buying “hope.”
Today, when you buy UNI, you are buying a machine that prints money every second.
Last year, all of UNI’s fees flowed to LPs, leaving the token with no cash flow.
This year, UNI turned “corporate buybacks” into “on-chain auctions of protocol revenue”—arbitrage bots monitor the TokenJar contract 24/7 and immediately burn tokens to arbitrage when they find that the fee assets in the jar are worth more than the cost of burning UNI. It is driven entirely by economic incentives, with no human intervention.
Once this flywheel starts turning, it is self-reinforcing.
Higher trading volume → more protocol fees → more TokenJar assets → more UNI burned → reduced circulating supply → higher token price → more traders entering.
But there is something you need to know:
UNI’s current revenue is highly dependent on Robinhood Chain, while a considerable portion of Robinhood Chain’s trading volume comes from speculative trading during the period of gas-fee subsidies. Once the subsidies are scaled back, short-term activity may cool down.
But the underlying logic of this flywheel will not change—UNI has already transformed from a “voting tool” into a “cash-flow asset” backed by real revenue.
The way the market prices it is shifting from a “governance premium” to a “revenue multiple.”
This process cannot be reversed.
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