PANews reported on December 5 that according to Forbes, Uniswap Labs recently announced the launch of its new blockchain Unichain, and Uniswap has long been a key driver of Ethereum mainnet activity. As Uniswap transitions to its own chain, validators on the Ethereum network may lose about $400 million to $500 million in revenue each year. But more serious than this economic loss is that it threatens Ethereum's basic narrative as a deflationary currency. Uniswap's universal router is the largest account consuming gas fees, accounting for 14.5% of Ethereum's gas fees, equivalent to destroying $1.6 billion worth of Ethereum. This means that the effect of the destruction mechanism will be weakened, further weakening Ethereum's economic position.
In addition, Justin Bons, founder and chief investment officer of Cyber Capital, warned that Ethereum is at a critical juncture and its reliance on Layer2 solutions could undermine the vitality of the mainnet; as more and more activities move away from Ethereum's main layer, the security provided by its revenue stream will weaken, forming a negative feedback loop. While Ethereum's scaling solutions are designed to accommodate more transactions, the migration of key protocols like Uniswap shows that these benefits may come at a high price. The resulting decline in fee income could undermine Ethereum's ability to maintain a strong security infrastructure that supports its promise of decentralization.
