A major DEX recently made a big move—completely eliminating front-end fees. At first glance, it seems like a promotional offer, but the underlying logic is much more complex.

On the surface, it's about saving money for users, but in reality, this is a reallocation of the entire protocol's revenue model. Zero front-end fees are just a facade; the real strategy lies in activating the fee switch—making the protocol layer the primary source of income. There is a clear goal behind this shift: to bring the value capture of the ecosystem back to token holders.

In other words, they are betting on a deeper game—by opening up the front end, locking in protocol revenues, and releasing deflationary expectations for the token. The user interface is free, but the protocol itself begins to generate real profits. This mode of operation supports the token's value in a way far more complex than simple transaction fee sharing. Once this mechanism is running smoothly, the token's revenue rights truly have tangible backing.