Uniswap founder questions Aerodrome revenue model: "Charging 100% LP fees and returning them in tokens" creates an illusion of income and is meaningless

Odaily Planet Daily reports that Uniswap founder Hayden Adams and Aerodrome CEO Alexander have a dispute over the LP fee revenue model. Hayden Adams posted on X platform stating that Alexander’s claim that his platform’s “income” is five times that of Uniswap is somewhat misleading because Aerodrome charges 100% LP fees and returns them to LPs through token issuance or liquidity incentives. This approach makes the revenue figures look large but does not represent sustainable fees, creating a revenue illusion that is meaningless. If Uniswap charged 100% LP fees and returned them in token form, its reported “fee income” could reach $1 billion. However, the design of Uniswap’s protocol fees is different; a portion of swap fees belongs to the protocol, while most still go directly to LPs. The goal is long-term sustainability, not inflated surface data.