#Uniswap Fee Switch Passes 40 Million Vote Threshold
The #Uniswap protocol fee switch, known as UNIfication, has cleared the 40 million vote requirement and will activate this week, marking one of the largest upgrades in the decentralized exchange's seven-year history. Nearly 62 million votes supported the governance proposal as of early Monday since voting opened on Dec. 20.
Voting closes on Thursday, Christmas Day. Uniswap Labs CEO Hayden Adams stated that a successful vote triggers a two-day timelock period before v2 and v3 fee switches activate on Unichain mainnet. The changes will burn additional
$UNI tokens and improve supply-demand dynamics for long-term holders.
The proposal burns 100 million
$UNI from the Uniswap Foundation treasury. A Protocol Fee Discount Auctions system will also launch to increase returns for liquidity providers.
$UNI has gained approximately 25% since UNIfication voting started and currently trades at $6.08, recovering from a month-long decline during broader market weakness that pushed it to a seventh-month low of
$4.88.
