UNI (UNI)

30% of DEX liquidity earns absolutely nothing

$542M sitting idle every week on Uniswap, PancakeSwap, Aerodrome. Retail LPs set a range and ghost it. $150M in annualized fees just evaporating.

Concentrated liquidity was supposed to fix capital efficiency.

.@RobinhoodApp Chain is only two weeks old, but the early winners are already becoming obvious.

Here are the protocols I’m watching for exposure to the chain’s growth:

→ $UNI owns spot liquidity

It handled 99.1% of Robinhood Chain’s $5.57B in 30-day DEX volume and generated $26.8M in fees.

Right now, there's no real second place.

→ $LIT owns perps

Robinhood selected Lighter as the dedicated perpetuals venue inside its wallet.

Across the broader protocol, Lighter processed $38.5B in 30-day trading volume, with 78% of fees converted into revenue.

→ $PONS and Flap are the launchpad bets, with both these exchanges leading activity, which makes them the clearest launchpad proxies if Robinhood Chain keeps attracting new launches.

→ $VIRTUALS is the agent infrastructure bet

Virtuals launched as the chain’s day-one agent layer and generated $1.12M in 30-day fees, all of which was recorded as protocol revenue.

Potential bet on $BNKR on the agentic side.

Retail lacked something new and exciting this cycle.

Probably the reason why alts have seen so much underperformance or a drought in liquidity.

I never really participated in Axie infinity but I was earlier on a few other games were I legit was makes 10-50 euro daily on playing that game.

In 2017 just entering crypto was enough. The entire space was exciting because we interacted for the first time.

Using an exchange was already semi-had but exciting to learn.

A few years later and Uniswap entered the picture. In 2017 we already had etherdelta or idex but those were a nightmare imo.

Uniswap kickstarted dex season for real and gave us another reason to spend hours online.

But even later and one of my favorites? Gamefi.

I never got into Axie Infinity a lot but I did dabble in a few other games were I was legit earning 10-50 euro daily (this didn't last though).

NFTs, yield farming, ...

We've had plenty of stuff every cycle.

Today? Nothing

Either we already have everything there is to invent or we just didn't have anything new come out anymore.

Stablecoin adoption is as high as every though. And assets are moving onchain like never before.

In a way the market has matured tremendously. But that's not the things that retail get excited.

Stablecoins are stablecoins (boring).

And tradefi going onchain is the same what we already knew.

I believe we could use something new. Something that makes it fun again.

Right now people have just been chasing pump and dumps while literally knowing it's a pump and dump token out of boredom (pumpfun popularity this cycle says enough).

Our of boredom they just hope they are part of the pump and can exit before the dump.

Yet they never can because it's a losing game.

If something like Gamefi (think Axie infinite) made their entrance again when it was new I would throw money at it.

That means others would as well and it would attract money.

And attracting money means opportunity and liquidity.

We need something.