“The proposal, which transforms UNI into a value-accruing asset, received more than 125 million votes in support with only 742 dissenting.”, — write: www.coindesk.com
The proposal received more than 125 million votes in support over the five days of voting with only 742 dissenting.
Uniswap sees an average of about $2 billion a day in trading volume and generates an annualized $600 million in fees, according to DeFillama data. Until now, it has routed all the fees to liquidity providers, leaving UNI as a governance-only token with no direct economic link to the platform’s activity.
Some of those fees will now be routed to an onchain mechanism designed to burn the tokens, directly linking protocol usage to token supply reduction and potentially boosting the market price. A full 100 million UNI from the treasury — worth over $590 million at current rates — will also be burned in a retroactive move intended to reflect fees that could have accrued had protocol fees been active since Uniswap’s creation in 2018.
The UNI token has gained 2.5% in the past 24 hours to $5.92.
Read more: Uniswap Proposes Sweeping ‘UNIfication’ With UNI Burn and Protocol Fee Overhaul
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Changpeng Zhao, a co-founder of Binance, which owns the utility, said the losses will be reimbursed.
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- Binance co-founder Changpeng Zhao said the losses will be reimbursed.
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