The headline number: a 100M UNI retroactive burn, about 16% of circulating supply (~$320M), as if the switch had run since day one. Fee run-rate is $2 to 5M a day, among the highest in crypto outside stablecoins.

But the honest part: fees are live on only some pools so far, so today's recurring burn is thin, roughly 0.4% of supply a year. The whole thesis rides on volume. If throughput scales the way Robinhood Chain could push it, the burn runs $280 to 700M a year.