The honeypots and washtrading are also on Ethereum mainnet. With some filtering I am seeing Uniswap hypothetical protocol fees from Ethereum mainnet in 2025: v2: $14m v3: $53m Total: $67m Without filtering: $167m combined Uniswap v4 was incentivized during the time, which will skew data on that usage some. If comparable to v3 on all other fronts (it is less), would expect ~$120m in total project revenue once filtered vs ~$240m unfiltered. So, everyone projecting buyback amount could very easily be off by a factor of 2, maybe more unless they are filtering data. This is even before LPs migrate.