$UNI is still one of the core governance plays in DeFi, but what stands out now is how Uniswap has evolved beyond just a DEX token narrative.

The shift toward Uniswap’s broader ecosystem hooks, L2 deployments, and fee mechanism discussions shows that it’s slowly moving from just “swap volume capture” to infrastructure-level relevance.

But the key tension remains: – Governance is strong
– Usage is massive
– Value accrual is still evolving

In many ways, $UNI reflects the broader DeFi question right now:
How do protocols translate real usage into sustainable token value?

For now, UNI stays less about hype and more about long-term infrastructure positioning in on-chain liquidity.
#uni #market