Uniswap, the leading decentralized exchange (DEX) by volume, has unveiled **UNIfication**, a joint proposal from Uniswap Labs and the Uniswap Foundation to activate protocol fee distribution to token holders—a move that has been brewing since 2022.
Following the proposal, the UNI token surged more than 10% today, trading above $7 for the first time since October 10. Currently, UNI is changing hands at $7.60 per token, after plunging as low as $4.95 less than a week ago.
Uniswap Foundation co-founders Devin Walsh and Ken Ng published the UNIfication blog post, stating:
“Today, alongside Uniswap founder Hayden Adams, we’re excited to make a joint governance proposal that turns on protocol fees and aligns incentives across the Uniswap ecosystem. We believe this proposal positions the Uniswap Protocol to win as the default decentralized exchange for tokenized value.”
They continued, “Together with Uniswap Labs, we’re proposing a long-term model for the Uniswap ecosystem: one where protocol usage drives UNI burn and one aligned team focuses on protocol development and growth.”
While it remains unclear exactly what percentage of fees will be allocated to UNI burn and incentives, Uniswap continues to be one of the top fee-generating protocols in decentralized finance (DeFi), generating nearly $3 billion in annualized fees according to DeFiLlama.
The fee switch has been a long time coming. Multiple previous proposals, rejections, and delays have left UNI holders frustrated, making this recent announcement a significant development for the community and the broader DeFi space.
https://bitcoinethereumnews.com/tech/uni-soars-as-uniswap-labs-and-foundation-propose-fee-switch-activation/
