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While this is an impressive presentation from Murad, it's is a clear cut case of Inductive Fallacy or Continuity Bias. This means that he's predicting the current status quo to extend indefinitely into the future. Why? Murad makes the case that " alt revenues" are low and therefore alts will never be attractive vs. memes. This is an over-generalization and glosses over a sleeping giant. @Uniswap: the sleeping giant Here we can see that Uniswap has produced increasing volumes over time. 2021 → $6.42B 2022 → $60.79B 2023 → $179.46B 2024 → $383.01B If the Uniswap fee switch had been activated, we would have seen 314 M USD accumulated in the Uniswap Treasury to be governed by token holders. This 314 million could be used to perform a buyback and burn of Uniswap tokens. At current prices of 7.21 that's 43 MILLION UNI. This is enough to buy a significant portion of the UNI that is available for trading on centralized exchanges like Binance and Coinbase. I'll let onchain sleuths calculate the exact amount. While this will not happen today, it's possible in the future. Especially as regulatory clarity enters the token market. I'd also like to point out that during the 2021 Cycle, the Axie protocol generated over 1 B USD in AXS/ETH revenue. AXS's utility in the axie breeding procesc caused a massive supply crunch with AXS going from 10 cents to 160 USD in a span of 365 days. Source: https://t.co/gfr57XDz8q This was a clear example of token utility driving a large rally, one of the largest of last cycyle. With AXS hitting a 40 B USD FDV and a 10 B USD circulating market cap at its peak. So Murad is ignoring what has happened in the past and what could happen in the future. He's telling us what we already know but markets are about predicting where the puck is going rather than summarizing and acting on the present as if nothing will ever change.