If Uniswap believed its liquidity was sticky, the new fee would be the same on every chain. It isn't. Here's what the Base discount tells you. For context: right now LPs keep 100% of swap fees on v4. This proposal changes that across 11 chains. Part of what LPs earn goes to Uniswap instead, gets converted, and gets burned. The size of the cut depends on the pool. But to keep it simple: • On most pools, Uniswap takes around $17-25 of every $100 in fees • On the lowest fee pools it's closer to $33 of every $100 • LPs keep the rest And remember, LPs are the ones eating impermanent loss and inventory risk. They're not exactly overpaid. Now the interesting part. The tax has one default rate on every chain EXCEPT Base, where it's 70% lower. Stable pairs on Base pay a third of what every other chain pays. Why discount one specific chain? Because Base is Aerodrome's home turf. It's the one place where LPs actually have somewhere better to go, and Uniswap knows it. They're pricing like a store that only runs discounts where the competitor opened across the street. And that competitor is moving in. Aerodrome expands to ETH mainnet this month, so the problem the discount was built for is about to follow them home. To be fair, there's a real bull case here for UNI holders. The burn hit 186,000 UNI in a single day last month, and that was before v4 fees even existed. Snapshot runs July 7-12. Onchain vote the week after. The token holders vote this week. LPs vote with their capital the day it goes live. Only one of those votes is binding.(Edgy - The DeFi Edge 🗡️)