Uniswap Protocol Fees Generate $28.2M Revenue in First Seven Months After UNIfication

The notable figure here is not the headline revenue but the roughly 9.5% capture rate: it sets a baseline for how much of Uniswap's trading activity actually converts into protocol-level value, and that ratio, not volume, is what the TokenJar-and-Firepit burn model depends on. The mechanism now links fee generation directly to UNI supply reduction, a structural shift for holders who previously had no such claim. Whether the capture rate holds as volumes fluctuate — and how the one-time treasury burn affects the ongoing burn narrative — is the open question.