Token revenue models are under renewed scrutiny as DeFi and social crypto mature. Galaxy Research covers Lighter’s airdrop and what it signals for competition among perpetuals DEXs, Uniswap’s long-awaited fee burn and its implications for liquidity providers and governance, and the growing debate over buybacks versus reinvestment. The team also examines the latest wave of creator coins and why social finance continues to struggle with durable product-market fit. This video was recorded on Monday, January 5, 2025. Disclaimer: Participants, along with Galaxy Digital, hold a financial interest in Hyperliquid. Displayed market data may be incomplete, delayed, or subject to change. Any decision to make an investment or enter into a transaction should be made after conducting independent analysis as the investor deems necessary. Keep in touch: ▸ Follow us on Twitter: https://x.com/galaxyhq & https://x.com/glxyresearch ▸ Read our research at /research ▸ Subscribe to receive Galaxy Research's weekly newsletter: /subscribe-to-r... This video, and the information contained herein, has been provided to you by Galaxy Digital Holdings LP and its affiliates (“Galaxy Digital”) solely for informational purposes. View the full disclaimer at /galaxy-digital...