From narrative to value, does UNI need a new story or a new cash flow?

The biggest issue with UNI over the years is not its popularity, but its value capture. Everyone uses Uniswap, but how much of the "cake" UNI holders can get has always been a market debate. If asset management giants like BlackRock truly focus on UNI, they are essentially betting on two things: first, the rising status of DEXs in the global trading system; second, a clearer future value distribution mechanism.

The market tends to view institutional moves as short-term catalysts, but for long-term investors, more attention should be paid to protocol revenue, fee switch mechanisms, and the actual role of governance rights. If UNI makes substantial breakthroughs in governance, fee sharing, or ecosystem expansion in the future, institutional funds will have a reason to stay long-term.

Just a joke: stories can make a coin rise for a while, but cash flow is what makes a coin live forever. To transform from a "star token" into a "value asset," UNI ultimately needs to speak with its fundamentals. #贝莱德计划购入UNI