Uniswap v4 Launches Aggregator Hooks, Wrapping External Liquidity Into Standard Pools

The strategic logic is consolidation: by absorbing rivals' liquidity into its own pool architecture, Uniswap turns fragmentation into a routing advantage rather than competing source-by-source. But the fee data undercuts the burn narrative — routing volume and fee capture are clearly decoupling, with most flow coming from a zero-fee source. That matters for UNI holders who treat burn revenue as the value link, and it reframes the aggregator hooks as a defensive moat play rather than a revenue engine. Whether wrapped-pool routing translates into meaningful fee generation, or remains largely pass-through volume, is the open question.