What is the Early Thunder score for Uniswap (UNI)?

UNI scores 167 out of 250 on the 25-variable framework, ranking 9th of 251 rated tokens (top 5%). The framework verdict is HOLD.

How much UNI supply is still to enter circulation?

62.5% of eventual UNI supply is circulating today, leaving 1.6x the current float still to arrive. At a flat price per token that is 37.5% of fully diluted value ahead of current holders.

How far is UNI from its all-time high?

UNI trades 90.8% below its all-time high of $44.92. Returning to that high requires a 10.9x move from the level used in this scoring pass.

Which tokens have a similar profile to UNI?

Measured on the shape of all 25 scored variables rather than on price, the closest matches to UNI are RENDER (127), AVAX (138), PENGU (104) and BTC (183). Similarity here means the same pattern of strengths and weaknesses, not a similar market cap.

HOLD

Uniswap (UNI)

Name: Uniswap (UNI) 25-variable fundamental scorecard
Creator: Early Thunder

Fee switch live on 11+ chains. Protocol revenue $26-61M (P/S 57-73x). V4 on 18 chains, 2500+ hooks. 100M UNI burned but NET INFLATIONARY (+1.43%/yr). BlackRock entered Feb 2026. a16z holds 41.5-55M UNI. $200M+ insider selling 2025. Unichain TVL $17.8-29.6M (not $532M). SEC safe harbor Apr 2026.

Ranked 9th of 251 rated tokens. Scoring pass 11 Jun 2026.

Score

167/250

9th of 251

Percentile

96.8%

of the rated universe

Circulating

62.5%

37.5% of value still to vest

Off all-time high

-90.8%

10.9x to recover

EthereumERC-20+4 since last pass

What the numbers say

UNI scores 167 of 250 across the 25-variable framework, which places it 9th of 251 rated tokens and inside the top 5% of the set. The framework verdict is HOLD.

UNI is a top-10 name in the set on 4 variables. The score rests on Active Users 8/10, 1st of 251, Developer Activity 8/10, 1st of 251, Regulatory Safety 9/10, 2nd of 251 and Catalyst Calendar 8/10, 3rd of 251.

Against the same universe, UNI sits in the bottom third on P/S Multiple 3/10, 182nd of 251. These are the variables that would have to move for the verdict to change.

Only 62.5% of UNI's maximum supply is in circulation, so 1.6x the current float is still scheduled to arrive. Holding price per token flat while the rest enters circulation implies 37.5% of the fully diluted value sitting ahead of today's holders. That is a real but manageable overhang.

UNI trades 90.8% below its all-time high of $44.92. Recovering that level is a 10.9x move, not a 90.8% one, which is the arithmetic most drawdown charts hide.

$2.77B sits in the protocol. The token is capitalised below the value locked in the protocol.

25-variable breakdown

Each variable is scored 1 to 10 and ranked against every other rated token, so a 7 that ranks 20th means something different from a 7 that ranks 180th. The rank is the part that is hard to get anywhere else.

Cash flow

Cash flow variables for UNI, scored 1 to 10 and ranked against 251 tokens
Protocol Revenue	4	60th of 251
Revenue Trend	7	6th of 251
P/S Multiple	3	182nd of 251
Real Staking Yield	3	143rd of 251

Supply

Supply variables for UNI, scored 1 to 10 and ranked against 251 tokens
Supply Inflation	7	26th of 251
Vesting Schedule	9	8th of 251
Circulating / FDV Ratio	8	27th of 251
Buyback and Burn	7	13th of 251

Ownership

Ownership variables for UNI, scored 1 to 10 and ranked against 251 tokens
Smart Money Flows	7	12th of 251
Insider Selling	4	151st of 251
Holder Concentration	5	10th of 251

Traction

Traction variables for UNI, scored 1 to 10 and ranked against 251 tokens
TVL Trend	6	19th of 251
Active Users	8	1st of 251
Developer Activity	8	1st of 251
Network Growth	8	4th of 251

Position

Position variables for UNI, scored 1 to 10 and ranked against 251 tokens
Market Share	8	4th of 251
Competitive Moat	7	14th of 251
Institutional Adoption	8	9th of 251
Exchange Depth	8	5th of 251
Social Mindshare	7	11th of 251

Risk

Risk variables for UNI, scored 1 to 10 and ranked against 251 tokens
Regulatory Safety	9	2nd of 251
Catalyst Calendar	8	3rd of 251
BTC Alpha Potential	4	45th of 251
Team Execution	7	12th of 251
Treasury Runway	7	11th of 251

The vertical tick on each bar marks the median score across all 251 rated tokens, so a bar ending left of the tick is below the universe on that variable.

Catalyst and risk

Next catalyst

Bitwise spot UNI ETF (pending SEC), fee switch expansion to 11+ chains, BlackRock BUIDL integration + UNI purchases, Unichain UVN validators, V4 hooks marketplace, SEC safe harbor (5yr), CLARITY Act advancing

Principal risk

P/S 57-73x on actual protocol revenue ($26-61M not $1B), net inflationary +1.43%/yr (20M growth budget > 4.4M burns), $200M+ insider/VC selling in 2025, top 10 holders control 50.81%, Fluid took 55% stablecoin DEX share, aggregators route 50%+ of ETH volume

Market and supply

Price	$4.14
Market cap	$2.59Brank 37
All-time high	$44.923 May 2021
Circulating supply	624,736,424
Eventual supply (max supply)	1,000,000,000
Dilution to full supply	1.6x
Total value locked	$2.77B
Listed on	Binance, Coinbase, OKX

Price, market cap, supply and all-time high from CoinGecko, fetched 6 Aug 2026. The 25 scores come from the research pass dated 11 Jun 2026 and don't move with price.

Tokens with a similar profile

These are the closest matches to UNI measured on the shape of all 25 variables after removing overall quality, so what they share is a pattern of strengths and weaknesses rather than a similar size or price.

RENDER127/250

Render Network

CAUTIOUS HOLD · profile match 69%

AVAX138/250

Avalanche

CAUTIOUS HOLD · profile match 64%

PENGU104/250

Pudgy Penguins

WATCH · profile match 62%

BTC183/250

Bitcoin

HOLD CORE · profile match 62%

ARB134/250

Arbitrum

CAUTIOUS HOLD · profile match 62%

HNT122/250

Helium

CAUTIOUS HOLD · profile match 60%

Sources

[CoinGecko] ATH $44.97 (May 3, 2021)
[DeFiLlama / Token Terminal] Protocol revenue $26-61M annualized (17% cut on expanding chain set)
[Calculated: $2.5B FDV / $26-61M revenue] P/S ratio 57.9-73.2x on actual protocol revenue
[DeFiLlama] TVL $2.77B across all deployments
[Etherscan] 100M UNI burned Dec 28, 2025 via UNIfication
[Uniswap Governance] UNIfication Proposal #93 passed 99.9% (125M for, 742 against)
[Coin Metrics / Talos] Fee switch live Dec 28, 2025 (17% protocol cut)
[Uniswap Developers] V4 live on 18 mainnet chains with 2,500+ hooks deployed
[DeFiLlama] Unichain mainnet Feb 12, 2025. TVL $17.8-29.6M (not $532M incentive peak)
[CoinDesk] SEC investigation closed Feb 2025 without enforcement
[SEC.gov] SEC safe harbor for DEX front-ends (Apr 13, 2026, 5-year exemption)
[CoinDesk] Risley v. Uniswap dismissed with prejudice (Mar 2, 2026)

Common questions

What is the Early Thunder score for Uniswap (UNI)?: UNI scores 167 out of 250 on the 25-variable framework, ranking 9th of 251 rated tokens (top 5%). The framework verdict is HOLD.
What are UNI's strongest fundamentals?: UNI ranks highest on Active Users 8/10, 1st of 251, Developer Activity 8/10, 1st of 251, Regulatory Safety 9/10, 2nd of 251 and Catalyst Calendar 8/10, 3rd of 251. Ranks are measured against all 251 tokens in the same scoring pass.
What are the weakest parts of the UNI thesis?: UNI scores in the bottom third of the universe on P/S Multiple 3/10, 182nd of 251. The single risk carried on the scorecard is: P/S 57-73x on actual protocol revenue ($26-61M not $1B), net inflationary +1.43%/yr (20M growth budget > 4.4M burns), $200M+ insider/VC selling in 2025, top 10 holders control 50.81%, Fluid took 55% stablecoin DEX share, aggregators route 50%+ of ETH volume
How much UNI supply is still to enter circulation?: 62.5% of eventual UNI supply is circulating today, leaving 1.6x the current float still to arrive. At a flat price per token that is 37.5% of fully diluted value ahead of current holders.
How far is UNI from its all-time high?: UNI trades 90.8% below its all-time high of $44.92. Returning to that high requires a 10.9x move from the level used in this scoring pass.
Which tokens have a similar profile to UNI?: Measured on the shape of all 25 scored variables rather than on price, the closest matches to UNI are RENDER (127), AVAX (138), PENGU (104) and BTC (183). Similarity here means the same pattern of strengths and weaknesses, not a similar market cap.
What is the next catalyst for UNI?: Bitwise spot UNI ETF (pending SEC), fee switch expansion to 11+ chains, BlackRock BUIDL integration + UNI purchases, Unichain UVN validators, V4 hooks marketplace, SEC safe harbor (5yr), CLARITY Act advancing

Keep reading

Uniswap full research noteOn-chain detail, team, tokenomics, competitive position and the standing verdict.Every token rated HOLDThe full band ranked by score, with what the group is collectively strong and weak on.All 251 rated tokensThe full ranking table and the method behind the 25 variables.

Research and analysis, not investment advice. Scores are one framework applied consistently across 251 tokens, not a prediction of price.