Quarterly Altcoin Spotlight: Uniswap Evolves from DEX to Onchain Financial Infrastructure

The market still treats Uniswap as a decentralized exchange for swapping crypto tokens. That framing increasingly misses what the protocol is becoming — core infrastructure for the trading and settlement of tokenized real-world assets, with a value-accretive economic model that now channels 100 percent of captured protocol revenue into UNI buybacks.