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Token Dossier

Uniswap ($UNI), taken apart the way the desk does.

Uniswap (UNI) Token Dossier · Token edition, as of 2026-11-14

The UNI dossier is the desk's Uniswap teardown written out as a document, with the figures a short video cannot hold in one place: the token in numbers, the supply in circulation against the total and the maximum, the protocol's fees and revenue where they are tracked, and the level map rebuilt from the latest price. A token files no quarterly report, so this is a shorter document than a stock dossier, and it is priced as such.

Look inside before you buy

1,387 words · about 6 min to read · 10 sections · data as of 14 November 2026

Table of contents

  1. What is in this dossier
  2. What this is not
  3. 1. The teardown
  4. The setup
  5. What it is
  6. The supply
  7. The burn
  8. The size
  9. Who gets paid
  10. The usage
  11. The risks
  12. The chart: Friday's close
  13. The verdict
  14. 2. What changed since it was written
  15. 3. The token in numbers (as of 2026-11-14)
  16. 4. Fees and revenue of the protocol
  17. 5. The level map (as of 2026-11-14)
  18. 6. Sources
  19. 7. What this dossier cannot do
  20. More dossiers in this theme

Excerpt

1. The teardown

Written 2026-11-14, with prices as of 2026-11-14. Figures in this part are as the desk read them that day; parts 2 to 5 carry the numbers as of 2026-11-14.

The setup

Uniswap now burns its own coin with the fees it collects. But 20 million Uni a year still leave the treasury as a growth budget. In the past thirty days, the protocol kept about $8.1 million of fees. At Friday's close, that buys about 1.4 million Uni to burn. The budget pays out about 1.67 million a month. Uni closed Friday at $5.74, down 26% in a year. I will give you the answer, and one level, before the end.

What it is

It is the largest exchange that runs on smart contracts. Anyone can swap one token for another, against pools of tokens that other users deposit. Each swap pays a fee, and most of that fee goes to the people who deposit. Uni is the governance token. Holders vote on the protocol and on its treasury.

The supply

1 billion Uni were created at launch. In December last year, holders voted for a plan called Unification. It burned 100 million Uni from the treasury in one transaction. Fees have burned about 13 million more since then. About 887 million Uni are left. About 608 million are in circulation, says CoinGecko.

One table from the document

4. Fees and revenue of the protocol

SourceFees, 30 daysFees, one yearRevenue, 30 daysRevenue, one year
Uniswap$73.76M$915.16M$8.11M$65.01M

The preview stops here. The full document is delivered by email after purchase.

What the dossier has that the video does not

One dated table for the token: price, market value, fully diluted value, supply in circulation, total and maximum supply, volume and the record high, with a plain read of what the table says. Where a data provider tracks the protocol, its fees and revenue over 30 days and one year, and how many times annualised fees the token trades at, said as an estimate.

Kept current

The dossier carries an "as of" date. The tables are rebuilt on a regular schedule and the desk's daily check flags any dossier left more than 45 days without a refresh. The written teardown keeps its date, and a line says how far the price has moved since.

What is inside

  • The teardown in writing: what the token is, who earns it, the weak points and the verdict, dated.
  • What changed since it was written: the price then and now.
  • The token in numbers: market value, fully diluted value, supply in circulation, total and maximum supply, with a plain read.
  • Fees and revenue of the protocol over 30 days and one year, where a public data provider tracks them.
  • The level map rebuilt from the latest price: the 52-week range and the 50 and 200-day averages.
  • Sources: a link to every data page used.

Buy it if

  • You hold or watch $UNI and want a structured read before acting.
  • You want figures you can check yourself, not an opinion.

Skip it if

  • You want a buy signal. A dossier explains and maps; it does not signal.
  • You expect audited accounts. A token has none: the figures come from public data providers and are labelled as such.

How delivery works

Pay through Stripe, and the document arrives by email within seconds as a permanent link tied to your address. Read it in the browser or print it to PDF. Nothing to install, nothing recurring: a one-time purchase. Lost the email? Sign in to your library with the same address and it is there.

Included in Pro. See Pro

An educational research publication, not investment advice, trade signals, a managed account, or an advisory service. Nothing in it is a recommendation to buy or sell any security. See our disclosures.