11/ Short term, the math looks like a net pay cut for LPs. Long term, unless volumes explode, efficiency gains seem too small to offset it. LPs aren’t stupid. Capital flows to where it’s treated best. If you’re a UNI holder or LP, read the PFDA paper, compare pre vs post, and

10/ As a UNI holder, what I’d want to see: - Honest dashboards showing pre-switch vs post-switch + PFDA net LP returns - Clear modelling per fee tier & major pools - Discussion of caps, phased rollout, or mechanisms that share more upside with LPs if PFDA over-performs

9/ Not arguing that the protocol shouldn’t earn fees or solve LVR. It should. But right now the proposal: - Gives UNI holders a large, guaranteed cut up front - Gives LPs a small, probabilistic efficiency gain later Markets the relative gains, not the absolute pre vs post P&L

8/ LPs don’t care about protocol narrative; they care about net yield vs risk. If Uniswap LP yields fall 16–25%, while alternatives offer triple-digit incentives, capital will migrate. Less liquidity → worse slippage → lower volume → even less fee revenue → further LP

7/ Those big “11–319% LP improvement” stats are relative to a post-switch baseline, not to today. If the baseline is a tiny or negative yield, a 100% improvement can still be peanuts in dollars. Example: saving $0.06–0.26 per $10k traded while giving up $5 per $10k in fees.

6/ For already unprofitable pools (say –0.02% today): Post switch: maybe –0.07% + 0.0026 ≈ –0.0674%. Even with the best PFDA uplift, you’re still losing more per dollar traded than before. Only the most extreme LVR pools might flip positive – and those are rare.

5/ Back-of-envelope Take a pool that nets +0.01% per $ for LPs today. Post fee-switch you lose 0.05% to the protocol and maybe gain 0.0016% back from PFDA. Roughly: 0.01 – 0.05 + 0.0016 ≈ –0.0384% per $. A profitable pool turns loss-making unless volume/moon-efficiency

4/ PFDA is sold as the “fix” Auctions let arbs buy fee discounts and in return reduce your LVR. The paper’s own numbers: LPs save only 0.0006–0.0026% per $ traded (0.06–0.26 bp). That’s 0–6.5% LVR reduction in most cases. Helpful, but tiny compared to a 16.7–25% fee cut.

3/ After fee-switch (without PFDA) Protocol takes ~16.7–25% of fees (e.g. 0.05% out of 0.3% goes to UNI burns/treasury). LP share drops from 0.3% → 0.25% (or worse on other tiers). That’s an instant 16.7–25% pay cut to LP revenues before any efficiency upside.

2/ Today (pre fee-switch) LPs get 100% of swap fees (e.g. 0.3% on majors). After LVR / arb bleed, the PFDA paper shows net LP markout is roughly +0.01% per $ traded on good pools. Small edge, but positive.

I’m a UNI holder (and I build in DeFi). I want Uniswap to win. But you’re mostly being shown “post fee-switch” numbers. When you compare pre vs post, the picture changes. 🧵

Starting in 1 hour Join us on @0xcatalysis Space — “The Rebirth of Restaking.” @madhurprabhakar will discuss how YODL delivers principal-protected, real yield to restaked vaults. Join us for the conversation.

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Dextr is now YODL. We began as a standalone DEX, proving operator-orchestrated, slippage-free execution. But the bigger opportunity was clear: not another venue, but a layer. Introducing the Yield Orchestration & Distribution Layer. Blog 👉 https://t.co/ZBuM9bVPx6

Catalysis' new direction. Coming soon. 17.09.2025

biggest takeaways from @token2049: restaking & shared security > ecosystem is clearly maturing and gaining serious momentum > @eigenlayer and @symbioticfi leading the charge. followed by @satlayer and @jito_sol >@0xcatalysis leading the game in unifying shared security across

The @eigenlayer team shipped slashing recently. It's validation of the vision we bought into when we decided to build on their stack. Congratulations on becoming feature complete🤌