Recently, there has been a piece of news in the Uniswap ecosystem:

On the evening of February 23, Erin Koen, the governance leader of the Uniswap Foundation, initiated a proposal on the Uniswap governance forum, suggesting the use of a fee mechanism to reward UNI token holders who have already delegated and staked their tokens.

As a result of this news, the price of the UNI token immediately surged.

Regarding the details and analysis of this news, I think the article "Uniswap Protocol Fee Allocation Proposal Ignites the Market, Future Trends Analysis" by "Wu Shuo" explains it quite clearly, and I suggest everyone to read it carefully.

I would like to share with everyone some key points from the article and some of my own thoughts:

First, we need to pay attention to: currently, this proposal is just a proposal, and it will need to go through a voting process and obtain approval before it can be implemented and put into effect.

From the current situation, it seems that the proposal has not received a warm response from the relevant influential stakeholders who have decision-making power, such as Hayden, the founder of the Uniswap protocol, who did not even participate in the discussion of this proposal.

So, whether this proposal can ultimately be approved will probably have to go through a lot of internal bargaining and comprehensive consideration.

I think there is a very important factor to consider: how to deal with the challenge initiated by the U.S. Securities and Exchange Commission if the proposal is approved?

Because once this proposal is approved, it is obvious that the token will be linked to commercial profit, essentially making it an electronic stock. However, the issuance of this "stock" is not regulated by any authority.

This is a risk that could potentially be triggered at any time.

Secondly, the proposer of this proposal and the executor of the proposal are two different entities in a legal sense.

The proposer of the proposal is the Uniswap Foundation, which leans towards community development. The executor of the proposal is Uniswap Labs, the actual developer of the Uniswap protocol.

From the difference in their identities, we can understand why the foundation would propose this proposal. From the community's perspective, empowering the token directly is definitely most beneficial to the community. But from the perspective of the protocol developers, focusing on the development of the protocol itself is definitely their top priority.

So, the difference in their attitudes towards this proposal is quite apparent.

Therefore, I think it might be a bit too early to be overly optimistic about this news.

However, if we look at it optimistically, if the proposal is indeed approved and then implemented, it will undoubtedly have a significant and far-reaching impact on DeFi and the entire crypto ecosystem.

Old readers who have read my earlier articles know that during the last bull market, I held UNI tokens, but later in the late stage of the bull market, I sold all my UNI tokens, and I haven't bought any UNI tokens in this bear market.

The fundamental reason is that I think the empowerment of UNI tokens is too weak. The current so-called "governance" function of the token is not very meaningful to ordinary holders, because the major holders of UNI tokens are basically the team and important investors. Only they have the ultimate influence and decision-making power over Uniswap's governance.

But once the issue of token empowerment can be resolved, it will have the following impacts:

The most direct impact is that the empowerment of UNI tokens will be greatly enhanced, and the price of the token will definitely be much better than before.

This is the most direct benefit to the project itself and to every token holder.

Secondly, it is likely that many DeFi projects that currently issue tokens with only governance functions will follow in the footsteps of Uniswap and empower their tokens, and governance tokens of DeFi projects are likely to experience a wave of increase.

If we expand the scope further, we will find that many tokens issued by Ethereum's second-layer scaling solutions currently only have governance functions. If this gate is opened, I believe that these projects will also follow the same path, and tokens of second-layer scaling solutions will also experience an increase.

Finally, in the future, all projects dedicated to long-term development will have to empower their issued tokens.

Of course, all these optimistic estimates are based on the premise of the proposal being approved. But as I wrote in the previous article, there are still many uncertain factors as to whether the proposal can ultimately be approved.

So, let's not be too optimistic for now and just wait and see.

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