UNI won dismissal with prejudice in SDNY. SEC classified it as digital commodity 15 days later. fee switches no longer trigger howey test. protocol generates $182m-$498m annualized fees with 11 employees. already burned $5.5m UNI since february. governance tokens just became revenue assets legally. ...

ondo token down 75% to $0.279 from november highs. state street and galaxy just anchored $200m into their infrastructure. fidelity and mastercard integrating. $770m tvl growing. sec investigation closed with zero charges. the token doesn't capture any of the business value. institutions build on ondo rails without holding ondo tokens. pantera structured milestone-based funding because they see 10-year infrastructure play not token appreciation. governance tokens without economic rights trade like this. ...

The rise of onchain equities will result in the downfall of valueless governance tokens.And that's a good thing. https://t.co/f913QrA4Li ...

uniswap generated $115.7m october fees but token holders get nothing. senate bill just legalized fee switches for defi protocols. hayden adams proposed activation plus 100m uni burn. $1.4b annual fees at 20% distribution equals $280m to holders. governance tokens becoming productive assets overnight. ...