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Why can $UNI rise to $10? Look at one data point: in the past 30 days, tokenized stocks generated $20.9 billion in trading volume. Who took the biggest share? UNI v4: 40.7%, UNI v3: 19.4%, combined for 60.1%, about $12.6 billion, $UNI alone took six-tenths. What does this number mean? First, tokenized stocks are no longer just a concept. $20.9 billion in trading volume over 30 days means real money is moving. Second, Uniswap's moat is deeper than imagined.