I think this imposes some questions about the possible fee restructuring of Uniswap. With the V2 platform, the UNI governance might make the decision to redirect 0.05% to LPs. This means that the Compound contract might at some point start yielding fees from the sole ownership of UNI tokens. This would open new interesting ways to accrue funds for the Compound project. Nevertheless, it also opens some questions:
a) if I mint cUNI, would my ownership in proportion to non-used capital accrue the LP fees?
This is a relevant question since it might incentivize or disincentivize people to provide liquidity if they miss out on the 5.25% APY that would be produced by the following napkin math:
In other words, the yearly ROI on 400 UNI deposit would yield around 70 usd if kept within the account. Whether by depositing to Compound or not (and assuming the passive income on holding becomes true), you are essentially shorting UNI because you lose on the dividends in relation to what is the token utilization rate on Compound. If the whole APY from fees is lost, it would signal that only a very strongly opinionated shorters (and e.g., but not limited to, people who are very bullish on COMP) would be providing liquidity.
I currently don’t have much more to say, but hope this aspect would be taken into concern in further reiterations of the cUNI token.