Uniswap Burns $596M in UNI After Fee Switch Governance Vote
Uniswap executed a 100 million UNI token burn, valued at $596 million, following the overwhelming approval of the UNIfication fee switch proposal.Summary
Uniswap permanently reduced its token supply by burning 100 million UNI tokens, valued around $596 million at the time, on December 28th, following the successful governance vote for the "UNIfication" fee switch proposal. The proposal passed with nearly 99.9% support, backed by major stakeholders. This execution activated fees on Uniswap v2 and select v3 pools on Ethereum mainnet, with interface fees charged by Uniswap Labs set to zero. Fees generated on Unichain will also contribute to future UNI burns after covering operational costs. Following the burn, UNI's price increased by over 5%, and its circulating supply is now approximately 730 million out of a total of 1 billion tokens. Furthermore, the Uniswap Foundation plans to allocate 20 million UNI to a new Growth Budget to fund ecosystem development and expansion.
(Source：Cointelegraph)