Buyback Radar

Uniswap UNI

Sell signal activeRank#46▲1Score26

Sell signal held since Nov 6, before tracking started. REV7 fell to 0.5× of the previous week; REV ratio 0.5×, HR ratio 0.5×. Still open: weekly revenue drop still holds. See Signals.

Dexs, Ethereum, Arbitrum, OP Mainnet +47, 192 days of data

Active signals 1

  • Sell signalheld since Nov 6

    Revenue this week $1.6M, about half the week before.

    Weekly revenue drop: revenue this week $1.6M, 0.5× the week before, paid to holders 0.5× the week before. Still open: weekly revenue drop still holds.

Market cap

$3.71B

price $5.99 · 7d −22.4% · 30d −14.1%

FDV $5.32B (1.4× market cap)

source defillama

Buyback revenue / year

$99.3M

holders revenue of the last 30 days, $8.2M, × 365 ÷ 30

Buyback + burnbuyback share 100%

Buys back 2.7% of its market cap a year, using 100¢ of every $1 it earns.

Multiple

37.3×

peer median 19.5× (Dexs, 13 tokens), against 37.3× here

Run-rate

45.4×

last 7 days $1.6M × 52 = $81.6M a year

last week's payout in line with the 30-day pace

What we checked

  1. Valuation

    Multiple 37.3×, 1.9× more expensive than its Dexs peers (median 19.5×, 13 tokens). It is itself the largest earner in the group. On total revenue: 37.3×, 2.2× dearer than the revenue peer median.

  2. Distribution

    Buyback + burn: Revenue buys the token on the market and the bought tokens are burned. Holders got $8.2M of $8.2M revenue in 30 days → buyback share 100%. DefiLlama: “No revenue for UNI holders.”

  3. Sustainability

    Holders were paid on 30 of 30 days (100%); largest single day 15% of the month's holders revenue; paid to holders this week: 30% of the best week in 90 days (more than half below peak). Revenue −47% over 7 days and −20% over 30 days, price −14% over 30 days.

What this does not tell you

The figures come from DefiLlama's adapter for each child protocol. Only a few tokens have an on-chain check (see How the buyback really works); for the rest, whether the tokens were really bought, burned or parked in a treasury wallet is not checked here. Unlocks count where DefiLlama or our research has a vesting schedule; team discretion and liquidity depth only once researched.

Flags

  • Sell signalheld since Nov 6, before tracking started; REV7 fell to 0.5× of the previous week; REV ratio 0.5×, HR ratio 0.5×. Still open: weekly revenue drop still holds. See Signals
  • Payout >50% below peakthis week's holders revenue is 30% of its best week in the last 90 days ($5.2M)
  • Data issue: chain mapping missingData issue (chain mapping missing): warning, scores are computed as usual

How the buyback really works

Researched Nov 1, 2026 · 9 wallets: 9 high confidence

  1. The moneyPaid from ongoing revenue
  2. The buyerA contract buys back automatically
  3. The tokensBought tokens are burned

The project says 100% of its revenue goes to buybacks, in line with DefiLlama (100% of its revenue).

On-chain: at least $6.1M bought back over 30 days, at least 75% of what DefiLlama reports for the same days. Our method sees only part of what DefiLlama counts, so a lower share proves nothing.

A recomputation with DefiLlama’s own method: it confirms DefiLlama’s figure on-chain, not an independent count.

Not measured: OP Mainnet and the other OP Stack L2s, BSC, Polygon, Celo, Robinhood Chain.

Method: Etherscan v2 getLogs (Ethereum, Unichain, Arbitrum) and Base RPC eth_getLogs: Firepit Released events × threshold() UNI burned per release (DefiLlama method); the fee switch on the other chains is not measured, so this is a lower bound. Checked November 12, 2026.

Red flags 4

  • The one-off burn of 100M UNI (2025-12-28) came from the treasury, not from revenue. It must be excluded from the 30-day measurement.
  • Releases are searcher-driven: they only happen when the value in the TokenJar exceeds the UNI threshold. The burn is therefore lumpy and lags fee generation.
  • The fee switch is not active on all pools and chains. DefiLlama's calculation has different feeSwitchDates per chain (Ethereum 2025-12-29, Unichain 2026-01-09, most L2s 2026-03-08, BSC/Polygon/Celo 2026-06-02, Robinhood 2026-07-27).
  • Double-counting risk: L2 burns show up again as 0xdead inflows on L1 after 7 days.
Buyback wallets 9
Sources 7

Open the buyback wallets in their explorer and look for regular purchases of the token.

Check it yourself (technical)

Per chain via Etherscan v2 multichain (chainid 1, 130, 8453, 42161, etc.): getLogs on the Releaser/Firepit address for event Released(uint256 indexed nonce, address indexed recipient, address[] assets), topic0 0x0143172ff1dd87f3691e870b3fb5616db820278d26d2d16c3e03330a240a6c38. UNI burned = number of Released events x threshold() of that releaser (Ethereum: 4000 UNI, read on-chain on 2026-10-31; L2 config in the README: 2000 UNI). This is DefiLlama's method (dexs/uniswap-v3.ts, HOLDERS_REVENUE_CONFIG). Check on Ethereum: UNI Transfers (0x1f9840a85d5aF5bf1D1762F925BDADdC4201F984) with to=0xdead. In October 2026 about 1.27M UNI arrived there: blocks of 4000 UNI from searchers (mainnet Firepit), blocks of 2000 UNI via the L1 bridges of OP Stack L2s, and NTT Manager 0x6569925Aac77D6B8Bb085F31F9828ff80D5a0c44 (Wormhole, BSC/Polygon). Do NOT add L1 0xdead inflows to L2 Released events: they are the same burns, delayed by 7 days. Pick one method.

Holders revenue / revenue (30d)
$8.2M / $8.2M
last 30 closed days
To holders
Buys back 2.7% of its market cap a year
FDV / dilution
$5.32B / 1.4×
FDV ÷ market cap
Price 7d / 30d
−22.4% / −14.1%
Revenue growth 7d / 30d
−47% / −20%
versus the period before
Divergence
0.00
revenue growth minus price growth, 30d
DEX liquidity
$33.9M
DexScreener, representative pools
24h volume
$490.7M
all markets, CoinGecko
Unlocks 30d
—
DefiLlama's schedule does not cover the next 30 days while tokens are still locked
Revenue multiple
37.3×
market cap ÷ revenue per year
Fee multiple
4.0×
market cap ÷ fees per year
Distance to peak
30%
this week ÷ best week of 90 days
Data since
May 4
first day with holders revenue

Holders revenue and price

Holders revenue per day7-day averagePrice (right axis)▲ ▼ signal days (history below)

Multiple over time

today 37.3× (scored) · peer median 19.5×

Market cap at close ÷ (holders revenue of the previous 30 days × 365 ÷ 30), with holders revenue capped at revenue and × the type factor: the same effective multiple as the peer median. Values above 100× are drawn at the top. Bands as on the meter; dashed line = peer median today.

Signal history

Signal history of this token: date, type, price at the signal, price after 7 and 30 days, change since the signal and the outcome
DateSignalPrice thenAfter 7dAfter 30dSinceOutcome
November 6, 2026Sell signalactive$6.49——−8%not counted
October 31, 2026Multiple below medianvoided Oct 31: rule change of 1 Nov 2026: it would not open under the current rules$7.130%—−16%not counted
October 31, 2026Sell signalvoided Oct 31: rule change of 31 Oct 2026: it would not open under the current rules$7.120%—−16%not counted
October 31, 2026Revenue jumpvoided Nov 1: rule change of 1 Nov 2026: it would not open under the current rules$7.120%—−16%not counted

Versus peers

Dexs · 13 tokens · median multiple 19.5×

Main-ranking peers only. Multiples count holders revenue capped at revenue, × the type factor (buyback 1 · buyback + burn 1 · burn 0.75 · mixed 0.75 · distribution 0.5 · unclear 0.5 · ve-distribution 0.25).

This token against its main-ranking peers: multiple, revenue multiple, buyback share, holders revenue, market cap and revenue growth
TokenDistributionMultipleRevenue multipleBuyback shareTo holders 30dMarket capRev. growth 30d
Pharaoh Exchangeve / bribes0.3×0.2×100%$1.3M$2.6M−52%
RamsesXMixed0.7×0.5×97%$368k$2.2M+8%
nestDistribution0.8×0.4×100%$869k$4.4M+32%
upve / bribes2.0×1.0×100%$313k$3.9M−68%
ChainflipBuyback + burn5.4×5.4×100%$520k$34.4M+59%
Aerove / bribes8.7×4.0×96%$7.4M$372.0M−6%
PancakeSwapBuyback + burn19.5×12.8×65%$2.4M$563.6M−29%
RaydiumBuyback27.1×16.8×62%$1.3M$425.4M−65%
Curve Financeve / bribes29.3×11.1×94%$2.6M$374.4M+44%
Uniswapleaderthis tokenBuyback + burn37.3×37.3×100%$8.2M$3.71B−20%
OrcaBuyback47.8×7.9×16%$130k$75.6M−36%
AsterBuyback + burn50.2×∞—$2.8M$1.69B—
MeteoraDistribution180×5.2×18%$458k$161.9M−60%
Score build-up26 of 100

Total score = 35% valuation + 25% momentum + 20% divergence + 20% quality − penalties, clamped to 0–100. Every number here can be recomputed from the figures on this page.

26of 100#46▲1top 90%
Valuation 7.4Momentum 5.1Divergence 0.0Quality 13.9= 26.3
Valuation35%
21Valuation 21.2: HR half 28.1 (multiple 37.31×; 100 at ≤3×, 0 at ≥100×, log scale), revenue half 14.2 (revenue peer value 0.45×; 0 at ≤0.33×, 50 at 1×, 100 at ≥3×, log scale).Average of two halves. HR half: linear in log(multiple), 100 at ≤ 3×, 0 at ≥ 100×, 0 without effective HR. Revenue half: linear in log(revenue peer value), 0 at ≤ 0.33×, 50 at 1×, 100 at ≥ 3×; neutral 50 when the peer group falls back to the universe.
Momentum25%capped
20Momentum 20.3: m = 0.5·g7 −0.636 + 0.3·(ln(day jump 0.84) clamped ±1.5 = −0.178) + 0.2·g30 −0.220 = −0.415; 0 at ≤−0.7, 50 at 0, 100 at ≥1.1.m = 0.5·g7 + 0.3·ln(day jump, clamped ±1.5) + 0.2·g30; 0 at m ≤ −0.7, 50 at 0, 100 at ≥ 1.1. Neutral 50 when g7 or g30 is missing; a missing day jump counts as 0.
Divergence20%capped
0Divergence 0.0: d = g30 − p30 = 0.000; 0 at ≤0, 100 at ≥1.5.d = max(0, g30 − p30) when g30 > 0; 0 at d ≤ 0, 100 at d ≥ 1.5, linear.
Quality20%
69Quality 69.3: mean of days HR>0 100% → 100.0 (0 at ≤30%, 100 at ≥90%), largest day 15% of HR30 → 100.0 (0 at ≥60%, 100 at ≤15%), distance to peak 0.30 → 7.8 (0 at ≤0.25, 100 at ≥0.9).Average of: share of days with HR > 0 (0 at ≤ 30%, 100 at ≥ 90%), 1 − largest day ÷ HR30 (0 at ≥ 60%, 100 at ≤ 15%) and distance to peak (0 at ≤ 0.25, 100 at ≥ 0.9).

HR7 is below 50% of its 90-day peak: momentum and divergence are capped at 50. This is not a penalty; the distance already counts in quality.

Penaltiesnone

No penalty applies — 10 rules checked, 3 wait for research data

Where the numbers come from
Revenue source
4 active children
DefiLlama adapter per child
Price and market cap
defillama / defillama
latest fetch
Scored on
November 11, 2026
as-of date of the last compute run
On-chain verified
yes
checked Nov 12
Protocols behind this token4 at DefiLlama

Per protocol: DefiLlama's methodology text, the distribution type we read from it and the sentence that decided it. The token takes the type of the protocol that returns the most to holders.

  • Uniswap V1
    Dexs · Ethereum
    type distribution · source text
    “No revenue for UNI holders.”

    No revenue for UNI holders.

    adapter on GitHub ↗
  • Uniswap V2
    Dexs · Ethereum, Arbitrum, Polygon, OP Mainnet, Base, BSC, Avalanche, Zora, Blast, Unichain, Monad, X Layer, Ink, Tempo, Robinhood Chain, Arc, Elysium
    type buyback-burn · source text
    “From 28 Dec 2025, 17% (0% before) fees on Ethereum shared to buy back and burn UNI, From 8 Mar 2026, 17% (0% before) fees on Optimism, Arbitrum, Base, Zora, XLayer chains shared to buy back and burn UNI (Tracked combined in Uniswap V3 adapter)”

    From 28 Dec 2025, 17% (0% before) fees on Ethereum shared to buy back and burn UNI, From 8 Mar 2026, 17% (0% before) fees on Optimism, Arbitrum, Base, Zora, XLayer chains shared to buy back and burn UNI (Tracked combined in Uniswap V3 adapter)

    adapter on GitHub ↗
  • Uniswap V4
    Dexs · Ethereum, Unichain, OP Mainnet, Base, Arbitrum, Polygon, Blast, Zora, World Chain, Ink, Soneium, Avalanche, BSC, Monad, X Layer, MegaETH, Robinhood Chain, Celo, Tempo, Arc, Elysium
    type buyback-burn · source text
    “Fee switch enabled on 27 Jul 2026 (tracked in uniswap-v3 adapter), a part of fees collected to buy back and burn UNI.”

    Fee switch enabled on 27 Jul 2026 (tracked in uniswap-v3 adapter), a part of fees collected to buy back and burn UNI.

    adapter on GitHub ↗
  • Uniswap V3
    Dexs · Ethereum, Arbitrum, OP Mainnet, Polygon, Celo, BSC, ZKsync Era, Sei, Taiko, Scroll, Rootstock, Filecoin, Boba, Moonbeam, Manta, Mantle, Linea, Avalanche, Base, Polygon zkEVM, Blast, Gnosis, BOB, Lisk, Corn, Unichain, Hemi, Saga, LightLink, GOAT, XDC, Lens, Telos, World Chain, Nibiru, Plasma, Monad, Etherlink, Sonic, Zora, X Layer, Robinhood Chain, Ink, Tempo, 0G, Arc, Redbelly, Elysium
    type buyback-burn · source text
    “From 28 Dec 2025, a portion of fees a collected to buy back and burn UNI on Ethereum, From 8 Mar 2026, on Optimism, Arbitrum, Base, WC, Zora, XLayer, From 2 Jun 2026, on Polygon, BSC, Celo, From 27 Jul 2026, on Robinhood, From 5 Oct 2026, on Arc”

    From 28 Dec 2025, a portion of fees a collected to buy back and burn UNI on Ethereum, From 8 Mar 2026, on Optimism, Arbitrum, Base, WC, Zora, XLayer, From 2 Jun 2026, on Polygon, BSC, Celo, From 27 Jul 2026, on Robinhood, From 5 Oct 2026, on Arc

    adapter on GitHub ↗