UNI token soars 30% as Uniswap Labs and Foundation propose fee switch activation
Uniswap Labs and the Uniswap Foundation proposed activating the fee switch, causing the UNI token price to surge nearly 30%.Summary
Uniswap Labs and the Uniswap Foundation submitted a governance proposal called “UNIfication” to activate the long-awaited protocol fee switch. This plan aims to reduce the UNI token supply by using protocol fees from the DEX and Unichain sequencer to burn tokens, and by directly burning 100 million UNI tokens from the treasury. Furthermore, the proposal would stop Uniswap Labs from collecting fees generated by its interface, wallet, and API. The move is intended to align the team's focus on protocol development and growth, driving UNI burns based on usage. Protocol founder Hayden Adams noted that leadership previously delayed activating the switch due to a hostile regulatory environment. The proposal also includes merging the non-profit Uniswap Foundation into Uniswap Labs.
(Source：The Block)