Uniswap generated approximately $14.81 million in protocol revenue in September, with Robinhood Chain contributing about 53% of that amount, nearly $7.9 million. This blockchain, which launched in July, derives most of its activity from trading tokens representing traditional financial assets. This situation illustrates a major shift in the business model of decentralized exchanges: Uniswap’s revenue no longer depends solely on crypto-to-crypto speculation. However, this concentration exposes the protocol to a risk of dependence on a single network, whose changes in trading incentives or activity could significantly impact its results.
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