Unichain Update Almost all Pools have seen a sharp decline in incentives since July. If the price of $UNI does not rise further, the yield is relatively uncompetitive in the current high-interest environment for stablecoins on the chain. According to Gauntlet's summary report from last month, Unichain has met the KPIs initially set based on TVL and trading volume data, but most of the growth has come from arbitrage rather than organic demand. For Uniswap, as long as money is spent, scale can be achieved because the AMM mechanism naturally brings about arbitrage trading. Even without actual demand, mainstream assets will certainly have trading volume. In the case of declining or even stopping subsidies, TVL will decrease in the short term until it reaches a balance point with trading volume and fees, and will likely stabilize at a certain level. Because Uniswap benefits from the moat of its protocol's stability, as long as the fee yield is above the market average by a margin, there will be liquidity providers. For a DEX, Uniswap's expansion can still be achieved without actual demand, but from the perspective of Unichain as a chain, if it cannot generate organic demand, the issue is entirely different and users will not accept it.