While Uniswap volumes are at all-time highs exceeding $1T/year, Mike Dudas highlights a critical concern: the UNI token has no clear value accrual mechanism five years post-TGE. This contrasts with other major DeFi primitives that have implemented such mechanisms, suggesting that Uniswap equity holders are benefiting more than UNI token holders. Investors should consider this lack of token value accrual when evaluating UNI.