Here's the thing people keep missing: you can't just compare LP returns before and after the protocol fee switch like they're the same game. If Uniswap had been collecting admin fees all along but reinvesting them into ecosystem growth instead of distributing, we'd be looking at completely different LP economics from day one.
The real wildcard nobody's addressing? Once that fee switch flips, will liquidity providers even stay profitable. That's the million-dollar question hanging over this whole debate.
The real wildcard nobody's addressing? Once that fee switch flips, will liquidity providers even stay profitable. That's the million-dollar question hanging over this whole debate.
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