Original Author: Sanqing, Foresight News
On November 11, decentralized exchange Uniswap Labs and Uniswap Foundation jointly released the governance proposal "UNIfication Proposal," which plans to enable a protocol fee mechanism, implement token burning, and integrate the core team governance structure. Following the announcement, the UNI token surged over 50%, breaking the $10 mark, with a market capitalization exceeding $6 billion.
Core of the Proposal: Unified Protocol Revenue, Token Burning, and Governance
According to official documents, UNIfication aims to achieve ecological incentive alignment by "driving UNI value through protocol usage," with specific measures including:
Launch of Protocol Fee Mechanism
Uniswap will officially initiate protocol-level fee distribution, with a portion of transaction fees directed to the UNI burning pool to reduce token circulation. v2 and v3 pools will be implemented first, followed by expansion to L2 and future versions.
Access to Unichain Revenue
Since its launch nine months ago, Unichain has generated approximately $7.5 million in annualized fees, which will all flow into the same burning mechanism in the future.
Retrospective Destruction of 100 Million UNI
100 million tokens from the treasury (approximately 16% of the circulating supply) will be directly burned to simulate the amount that would have been burned if the fee mechanism had been activated since 2020.
Introduction of PFDA (Protocol Fee Discount Auctions) System
Users can bid to obtain "fee-free trading" privileges, with the auction proceeds entering the burning pool. This mechanism will also help internalize MEV revenue within the protocol and enhance LP yield.
Aggregator Hooks and Protocol Expansion
Uniswap v4 will upgrade to an on-chain aggregator, collecting fees from external liquidity sources and executing token burning logic, further expanding the protocol's revenue scope.
Governance Structure Integration
Uniswap Labs will absorb the Foundation's ecological team, forming a unified growth strategy. The board will expand to five members, including Hayden Adams, Devin Walsh, Ken Ng, Callil Capuozzo, and Hart Lambur.
Annual Growth Budget
Starting in 2026, governance will allocate 20 million UNI annually for developer funding, protocol growth, and ecological incentives.
Official Statement: Uniswap Enters "Next Era"
Uniswap founder Hayden Adams stated, "In the past few years, we have gone through a harsh regulatory cycle and paid a heavy price, but now the environment is starting to improve. UNIfication marks a new phase for Uniswap, realigning the token, protocol, and community."
The Foundation stated, "We believe this move will make Uniswap the default decentralized trading platform for global tokenized value."
Market Reaction: UNI Gains Attention Again
As of the time of writing, stimulated by the proposal, UNI has risen over 50% within 24 hours, with a price exceeding $10 and a market capitalization surpassing $6 billion, returning to the top 30 of crypto assets. The combination of the protocol fee mechanism and the burning mechanism introduces clear cash flow and scarcity logic for UNI.
Uniswap has now accumulated a trading volume exceeding $40 trillion, consistently ranking as the largest decentralized exchange globally. This governance reform will solidify its ecological dominance and set a new standard for "value capture models" in the entire DeFi market.
Conclusion
Since its inception in 2018, Uniswap has been a core driving force behind structural innovation in DeFi. The "UNIfication" proposal not only signifies the unification of its business and governance models but also marks the transition of DeFi protocols from "public infrastructure" to "sustainable economies."
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