Uniswap has finally hit the 'value capture' start button. On November 11, Uniswap Labs and the Uniswap Foundation jointly released the governance proposal 'UNIfication Proposal,' planning to officially activate the protocol fee switch and the UNI burn mechanism. This move signifies Uniswap's shift from being a 'zero-dividend governance token' to an 'infrastructure with real revenue.' After the announcement, the price of UNI surged nearly 40% at one point. According to the proposal, Uniswap will allocate 0.05% of trading fees to buy back and burn UNI, gradually expanding this mechanism to all versions and on-chain deployments. Based on the current annualized trading fees of approximately $2.8 billion, the monthly buyback scale would be around $38 million, with an annualized figure of about $500 million—equivalent to a 5% deflation rate of UNI's total supply. Additionally, the foundation plans to burn 100 million UNI in a one-time event, accounting for 10% of the total supply, and inject approximately $7.5 million in annualized sequencer fees generated by Unichain into the burn mechanism. Once the proposal is approved, UNI will achieve true token value capture for the first time. This transformation also reshapes Uniswap's organizational structure: the foundation and Labs team will merge, the board will expand to five members, and an annual ecosystem budget of 20 million UNI will be established. If all goes smoothly, the governance process is expected to complete voting and on-chain execution within 22 days. However, not everyone is cheering for this 'historic' proposal. Some analysts believe that the fee switch might reduce liquidity providers' (LPs) earnings, potentially leading to capital outflows. The co-founder of Aerodrome, the largest DEX on the Base chain, @captainjack, even bluntly stated: 'Uniswap is making a strategic mistake at the worst possible time.' But the mainstream market view is that this proposal is a milestone for the DeFi space. Researcher CM @cmdefi pointed out that Uniswap is finally transitioning from empty governance to actual value distribution, which could lead to a revaluation of its worth. Meanwhile, Haotian @tmel0211 remarked that this proposal will force all blue-chip DeFi projects to prove whether 'revenue can flow back to tokens.' In other words, Uniswap is not only igniting its own value engine but also reigniting the imagination of the entire DeFi space.