Uniswap recently attracted attention due to valuation concerns. Dragonfly Capital partner Omar released a detailed analysis pointing out the imbalance between valuation and revenue faced by this DEX leader.

According to the analysis, Uniswap's current total valuation is $5.4 billion, but its annual fee income is only $23 million. This means the valuation is 240 times the annual revenue — a multiple that is indeed worth questioning.

Furthermore, Uniswap plans to allocate 20 million UNI tokens for ecosystem development this year. Considering this expenditure along with the current losses, it is estimated that the net loss for this year could reach around $100 million.

In the short term, such negative news will indeed put pressure on market sentiment, and selling pressure from investors is foreseeable. However, from a long-term perspective, another consideration is needed: if Uniswap's fee mechanism can truly be operational and the ecosystem development makes substantial progress, then the current losses might just be a phase of "strategic investment."

The key questions boil down to two points: Can the fee model be sustainable? Can ecosystem investments truly generate value? Until these questions are validated, the market will continue to digest the impact of this data.