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A New Paradigm for DeFi Valuation: From Mining to Dividends

The perspective on the Uniswap fee switch points directly to a core shift in the accumulation of DeFi value, with the market transitioning from purely chasing high APY or TVL to focusing on real cash flow. The current market hotspots are centered on two points: the governance power of top protocols regarding fee distribution and the increasingly clear global regulatory framework.

The changes in mechanisms are pushing the DeFi market towards traditional stock markets. The activation of fee switches has transformed governance tokens from mere incentive tools into equity certificates with real cash flows. Protocol valuations will shift from relying on high inflation to earnings ratio models, providing a more solid value foundation. The formation of a crypto-friendly regulatory framework has reduced legal risk premiums. Compliance is becoming a new moat for leading projects, attracting institutional funds and enhancing market certainty.

The key to adapting to the new landscape is to change our mindset, shifting from high APY farmers to shareholders pursuing real returns. Priority should be given to investing in top protocols that are safe, have mature governance, and possess clear income distribution mechanisms. In the future, fundamentals will be the true driving force behind the value of crypto assets.