‍ This well-known DEX's governance token has indeed been performing in a mixed manner lately. From a fundamental perspective, several support points still hold up: the regulatory environment has obviously loosened, and compliance pressure is not as tight as it used to be; trading data is there, with the trading volume and protocol revenue of leading DEXs being quite impressive, but the valuation is still relatively conservative compared to projects of the same level; more importantly, the token economics is evolving — Unichain's staking mechanism has been launched, and if the fee switch is really implemented, token holders can directly share in the protocol's revenue. Additionally, with the overall recovery of the ETH ecosystem, the logic of catch-up makes sense. Looking back to June this year, the market sentiment was quite good, and many people began to pay attention to these DeFi blue chips. So what happened? The performance of $UNI was far worse than that of $LINK and $AAVE in the same sector. It didn't rise when it was supposed to, and the patience of many people has been exhausted. From the daily chart, it basically didn't benefit much from this bull market. This rebound? It mainly rode on the momentum of the macro environment.But to be honest, it's hard to say how far the coins that missed the main upward trend can go. The market never waits too long for anyone.