Uniswap's valuation has reached 240 times its annualized fees following the activation of its fee switch, according to Dragonfly partner Omar Kanji. The decentralized exchange's fully diluted valuation stands at $540 million, while its annualized fees are approximately $2.3 million. Additionally, Uniswap is projected to incur a $100 million loss this year due to the allocation of 20 million UNI tokens, valued at around $123 million at the current price of $6.16 per token. This financial outlook highlights the challenges Uniswap faces despite its high market valuation.