المنشور

Everyone is celebrating the massive $UNI outflows from Binance. The narrative is simple: "Coins are leaving exchanges... bullish." Maybe. But that's not the question I'm asking. I'm asking what investors are actually buying into. Right now, more than half of Uniswap's daily revenue comes from Robinhood Chain—a network that's only been live for a few weeks. That's impressive... But it's also a concentration risk. If Uniswap v4 expands revenue across multiple ecosystems, great. If not, the market could eventually start valuing $UNI as a Robinhood proxy rather than a standalone DeFi giant. I'm still bullish on Uniswap. I just think this is the risk almost nobody is talking about. 👀