Uniswap Surges as Fees Soar, Reaches for $9 Target

Uniswap (UNI) has seen significant gains in recent days, jumping over 6% in the past 24 hours and making it the top-performing token among the top 20. On-chain data shows that protocol fees have surged in September, with trading volumes increasing by 80% to nearly $640 million.

This represents almost 15% of the asset's circulating market cap, which is a notable milestone. Despite a challenging macroeconomic backdrop marked by expectations of multiple upcoming rate hikes, UNI has managed to defy gravity and continue its rally.

Protocol fees could skyrocket by 140% by the end of September, with a simple run rate projecting a total exceeding $250 million. This would result in a market-cap/fees ratio of just 4x, indicating that the project may be undervalued from a fundamental standpoint.