Post-UNIfication: Uniswap's Protocol Revenue and UNI Value Capture Framework

The UNIfication reform has restructured Uniswap's ecosystem, clarifying the roles of Uniswap Labs, the Uniswap Foundation, and DUNI (the legal entity for the DAO). By enabling protocol fees and linking them to a programmatic burn mechanism, the reform creates a direct framework for UNI token value capture. This analysis examines the new division of labor, the economic model of protocol fees, and the impact of these changes on Uniswap's fundamental value.