Uniswap liquidity providers made ~$900 M in the past year. Assuming governance turns on the fee switch (and LPs / traders are completely cool with the added cost), at 1/6 of LP fees that would mean $150 M for the Uniswap DAO. Valued at $3.1 B, that's a 20x P/E. Uniswap Labs made $125 M from the UI fee alone in the past year. There should be very little motivation on the side of Labs to push forward a fee switch that would not only make the Uniswap protocol less competitive price‑wise but could also be avoided via hooks. I appreciate that there’s some value around a potential fee switch, but a 20x  P/E on an optimistic scenario for an uncertain event -where a Labs company extracts most of the value and owns the Uniswap IP- is crazy high. Lower.