Uniswap token jumps 38% after fee switch, burn proposal hits the table
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The Uniswap token rose over 38% after the introduction of a protocol fee switch and burning mechanism that could strengthen UNI.
The native token behind Uniswap rallied over 38% after the Uniswap Foundation and Uniswap Labs introduced a proposal aimed at making holding the token more appealing to investors.
Among the potential changes outlined in the “UNIfication” proposal are activating a protocol-level fee mechanism to burn Uniswap (UNI) tokens and building a Protocol Fee Discount Auctions system to increase liquidity provider returns, the Uniswap Foundation said in a joint proposal with Uniswap Labs on Monday.
They also plan to burn 100 million UNI — roughly 16% of the UNI’s circulating supply — from the treasury, which could further improve the supply and demand dynamics of UNI, the governance token behind the Uniswap decentralized exchange.
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