Threadguy reveals his accountant was genuinely impressed with his trading ability “My accountant's looking at my trades and he’s like, you made this much on TRUMP? You were long UniSwap in 2025 and that’s what you pulled out?!” “You made money on PUMP, but it says you did it through Hyperliquid? You trade perps? Wait, you made this much on Zcash in a bear market?” “You flew to Mexico every time you executed one of these trades on Hyperliquid? So that’s what these tickets are, that's why you took 88 flights in 2025?"

Name & Symbol: Pump.fun ($PUMP)
Address: pumpCmXqMfrsAkQ5r49WcJnRayYRqmXz6ae8H7H9Dfn

Cupsey reveals that top memecoin traders have pivoted to deploying coins “Cented is devving on stream with 1000 viewers and it’s normal” "Cooker is deploying multiple coins a day on Pump. He’s not doing it to farm, he thinks it’s such an issue that he’s just adding to it” https://t.co/b0QfZTkWM5

Name & Symbol: Pump.fun ($PUMP)
Address: pumpCmXqMfrsAkQ5r49WcJnRayYRqmXz6ae8H7H9Dfn

How much will the fee proposal impact UNI price? The market might already be overvaluing UNI. UNI currently trades at 25x implied revenue ($216M/$8.5B marketcap). PUMP trades at 5.3x, HYPE at 9.3x. - Of Uniswap V2's 0.3% fee, 0.05% is allocated for buybacks and burns. - The treasury is also burning 100M UNI, a 10% total supply reduction to compensate for years of no fee switch. - Total fees could decline as wash traders will now have to pay a fee. Uniswap is the largest DEX, doing $124B in volume last month ($1.48T annualized). The Bull Case: How Much Will Uniswap Make From Fees? Uniswap is the #1 fee-generating protocol ($108M, 30D). This annualizes to $1.3B, or $216M of potential buybacks. The fee switch proposal removes the 0.15% frontend fee, which Uniswap Labs has banked $180M from. This could theoretically increase volume. Uniswap ATH monthly fees were $251M in 2021, with average monthly fees over the past year coming out to $93M. Is UNI undervalued? The amount of UNI buybacks is impacted by: - Filtering out wash trading - V4 fees (TBD) - Swap volume growth - ~$7.5M sequencer fees Right now, UNI is not undervalued; it trades at an implied 25x revenue multiple (PUMP 5.3x, HYPE 9.3x). The Bear Case Wash trading makes up a lot of volume on Uniswap: - LPs holding large token positions can trade for free; they pocket 100% of fees. - Fee switch activates → wash trading stops → revenue falls. Capped Upside: - The same revenue multiple that can provide a floor for Uniswap’s valuation can also set a ceiling. - Who wants to buy at a 50x, 100x revenue multiple? - The reality is that market attention often matters more than buybacks ever could. Industry Impact: - Yesterday Steakhouse pushed a Lido governance proposal to add automated LDO buybacks. - The market won’t tolerate pure governance tokens with no utility or claim on revenue. - Post-fee switch approval, Uniswap probably becomes the #3 protocol by revenue, behind Hyperliquid and Pumpfun.

Name & Symbol: Pump.fun ($PUMP)
Address: pumpCmXqMfrsAkQ5r49WcJnRayYRqmXz6ae8H7H9Dfn