Several others have already pointed out the most obvious thing here, that $UNI token holders see absolutly no revenue from this activity, but I have a few cents to add as well. Mainly, that ~5% of the $270B of Q3 volume is attributed to a honeypot network running on Uniswap on Base. Source: These are honeypot tokens that a bot network is trading in the hope that someone will lose their money. They just serial rug day in and day out while chalking up $10M+ in volume per day each. These generate essentially no revenue since the LP is the same entity as the traders who are the same entity as the token deployer. The bots don't even pay the front end fee to Uniswap Labs, this is just volume for volume's sake (or potentially money laundering). These pool accoutn for 14 of the top 16 pool by volume for Uniswap on Base, with WETH/USDC pools being the only others at the top. Also, July saw ETH go from $2k -> $4k+, so Q3 should have higher dollar denoted amounts just because of the ETH...
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