Uniswap is experiencing a reevaluation of its valuation in 2025 following significant regulatory and governance developments. The U.S. SEC concluded its investigation into Uniswap Labs without enforcement action, indicating a positive regulatory stance towards DeFi protocols. Uniswap's v4 launch and multi-chain deployment have improved liquidity aggregation, while the Uniswap Foundation's proposal to form a legal entity, DUNI, aims to provide legal protection for DAO participants. Despite these advancements, UNI's valuation remains unchanged, with no dividends distributed to token holders. The DAO is considering a 0.05% protocol fee, which could alter UNI's valuation logic. Uniswap's trading volume reached $109 billion over 30 days, underscoring its market dominance. The potential for dividend distribution could shift UNI's valuation from speculative to cash flow-based, suggesting a possible price increase, contingent on DAO decisions and regulatory developments.