Dragonfly Partners: After Uniswap activates the fee switch, its valuation will be 240 times the annual fees, and it may lose 100 million dollars this year

Dragonfly partner Omar Kanji stated, "After activating the fee switch, Uniswap's current valuation is approximately 240 times the annual fees ($5.4 billion FDV / $23 million annual fees). Further considering the grant expenditure of 20 million UNI this year (approximately $123 million at the current price of $6.16), the protocol is expected to record a loss of about $100 million this year."