Uniswap Set to Burn 100 Million UNI After Landmark Vote Win

The decision will activate the protocol fee switch for Uniswap UNI $2.53 versions 2 and 3 on the Unichain mainnet, according to a post on X from CEO Hyaden Adams. A two-day time lock will follow before the change goes live.

Once activated, the plan calls for the burning of 100 million UNI tokens from the Uniswap Foundation's treasury. Additionally, a Protocol Fee Discount Auctions feature will be added to raise liquidity provider returns.

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Uniswap's platform has facilitated over $4 trillion in trading volume since launching in November 2018. As of now, UNI ranks 39th by market capitalization at roughly $3.8 billion.

The proposal has notable supporters, including Jesse Waldren of Variant, Kain Warwick of Infinex and Synthetix, and former Uniswap Labs engineer Ian Lapham. Opposition remains minimal, with only 741 votes against and around 1.5 million abstentions.

The Uniswap Foundation reassured that supporting builders remains a priority. A Growth Budget of 20 million UNI tokens will be set aside to fund future development.

World Liberty Financial proposed allocating 5% of its WLFI treasury, about $120 million, to support the growth of its USD1 stablecoin. What did the company say? Read the full story.