Unichain up-to-date Almost all pools have seen their incentives drop sharply since July. If the price of $UNI does not rise, this yield is less competitive in the current high-interest rate environment of on-chain stablecoins. Judging from Gauntlet's summary report last month, Unichain has achieved the KPIs set at the beginning in terms of TVL and trading volume data, but most of the growth has come from arbitrage, rather than organic demand. For Uniswap, as long as you are willing to spend money, the scale can be done, because the mechanism of AMM determines that it naturally brings arbitrage trading, even if there is no actual demand, mainstream assets must have trading volume, and in the case of subsidy decline or even stopping, TVL will decline in the short term, until it matches a balance point with trading volume and fee, and it will probably stop somewhere. Because Uniswap benefits from the moat of its own protocol stability, as long as the yield of fee is one level higher than the market average, someone will be an LP. For a dex, the expansion of Uniswap can still be completed without actual demand, but from the perspective of a Unichain chain, if it is never able to generate organic demand, this problem is completely different and unacceptable to users.