Uniswap generated nearly 2x more 30D fees than Hyperliquid.

• Uniswap: $99M fees
• Hyperliquid: $50M fees

Yet $HYPE trades at a ~16x higher FDV.

The difference comes down to value capture.

Most $UNI fees still flow to LPs, while Hyperliquid routes the vast majority of protocol revenue into continuous HYPE buybacks.

https://x.com/SachinHMx/status/2084961035556192293