jakiro
Recently,UNIThe fee switch proposal that has been debated for several years has finally been settled.UNIIt was decided to link the tokens to the profits of the ecosystem: one-sixth of the handling fee will be used to repurchase the tokens.
In addition, the project party also burned nearly10%tokens as compensation for no previous burning operations.
Before this news came out,11month8dayUNIThe price is approximately5USD.When the news comes out, as of the time of writing,UNIThe price is9.22USD.
I believe that the reason why the token price has risen sharply is because the community has finally found strong support for the intrinsic value of the token price and is very excited, thus reflecting this potential benefit into the token price.
me tooUNIHappy with this step.
I think the more important significance of this news is:UniswapTypical crypto projects have begun to return to common sense, and have begun to no longer allow tokens to be just tokens with so-called “governance value”. Instead, they have gradually brought the token value back to common sense judgment standards: What is the relationship between this token and the project, and what is its value?
Mr. Buffett once said in his remarks when talking about how companies reward stock holders:
If the company has a good plan to use the free cash flow it holds to maintain and build a stronger moat, then it should make good use of the cash flow, otherwise it should return the cash flow to stock holders:
–Either provide cash dividends to stock holders
–Either use free cash flow to buy back shares
If a company does not make good use of its cash flow and does not use it to reward stock holders, it is not a good company.
Whether it is a good company listed on the US stock market orAGood listed companies basically adhere to the above practices.
This standard should actually be the standard by which any business is judged to be good or bad.
But it is a pity that in the encryption ecosystem, except for a few companies (such as someCEX), most companies/The team rarely sees them using cash flow to strengthen their moats, nor does they see them returning revenue to token holders or using it to buy back tokens.
This results in a bunch of tokens that are essentially just a bunch of coins with no intrinsic value.“Air” assets.
UniswapThis step will have great significance in improving the atmosphere of the entire encryption ecosystem.
But sinceUniswapAfter taking this step, we must actually use the above standards to measureUNIof token value.
UniswapTwo of the data now publicly available are quite interesting:
First, the project has passed30Day is approaching2.3The handling fee of US$100 million, if converted into a year’s handling fee, is27.6billion dollars.
Second, the project is2024year11solstice2025year10Month (whole year) total recorded15.04Billions of dollars in fees.
Based on this data, we can estimate itsPEand “dividend yield.”
We regard its fee income as its net profit, then its annual net profit is approximately (lower limit)15.04billion to (upper limit)27.6billion dollars.
We useUNIPrice before big rise5USD and total circulation62.9Billions are calculated as standard, and itsPEThat’s it11~21.
If the price after the sharp increase9.22USD and total circulation62.9Billions are calculated as standard, and itsPEThat’s it21~39.
Since the proposal stipulates that one-sixth of the handling fee will be used for token repurchase, we can treat this fee as a dividend to calculate its dividend rate.
The dividends it uses to distribute dividends are approximately (lower limit)2.51billion to (upper limit)4.6billion dollars.
We useUNIPrice before big rise5USD and total circulation62.9Calculated as a standard of 100 million coins, its dividend rate is approximately0.7% ~ 1.5%.
If the price after the sharp increase9.22USD and total circulation62.9Billion coins are used as the standard calculation, and its dividend rate is0.4% ~ 0.8%.
I compared this data to Apple:
UNIThe current fully circulated market capitalization is92billion, Apple’s full circulation market value is3.98Trillions of dollars.
UNIcurrentPEThe maximum value is39, Apple’s currentPEYes36.25.
UNIThe current maximum dividend yield is1.5%, Apple is0.39%.
Overall, Apple’s market capitalization isUNIof430multiple times.Generally speaking, the higher the market capitalization, the less likely it is for profitability indicators to improve, or the less “good-looking” the profitability indicators are.With Apple’s high market value,UNICompared with Apple’s various indicators, it does not appear to be particularly “good-looking” or particularly “attractive”.
Does this meanUNIIs there still considerable room for improvement in current profitability?
But on the other hand, even though these indicators look relatively average, they are much better than they once were.When the “market dream rate” is high, the water content is much smaller.
Does this also explain from another perspective: the market may be crazy and irrational in the short term, but in the long term it will return to the fundamentals of the project and gradually reflect the true intrinsic value of the project?
