During market pullbacks, the true nature of the market often becomes clear. Projects that rely on hype begin to lag behind, while protocols that are truly getting things done are redefining their value.

Taking the DEX leader as an example, it faces a strange paradox for a long time: as the top trading protocol, it has accumulated over $40 trillion in transaction volume and generates hundreds of millions in fee income each month, but this cash flow seems to have little to do with token holders. It's like a power plant that produces tens of millions daily, yet shareholders have no profits to distribute. The market prices it this way as well—valuing it based on governance narratives, resulting in its value being suppressed in the long term.

However, this situation is about to change. A series of recent proposals are driving fundamental shifts, with the most critical being the introduction of a fee-sharing mechanism.

Specifically, there are two aspects to the core changes:

First is the distribution logic of the transaction fees. The protocol will take a portion of the transaction fees (for example, 0.05%) and directly allocate it to the protocol treasury, instead of letting it all flow to liquidity providers. The uses of this money include ecological development, security audits, community incentives, and other dimensions.

This is not only an optimization of mechanism design, but essentially allows token holders to directly benefit from the commercial success of the protocol for the first time. The past pricing logic (governance token model) is being gradually replaced by a new logic (fee-bearing model).

Compared to other leading trading protocols, the timing of this shift is particularly significant. The market has just begun to reflect on what truly valuable supported tokens are—the answer points to those protocols that can generate real cash flow and distribute real profits. After the noise subsides, solid underlying business logic is the foundation for navigating cycles.