Gm,
Uniswap finally flipped the fee switch on, and for the first time, $UNI is directly tied to real business cash flow.
1/ buyback & burn mechanism
- 0.3% LP fee split → 0.25% to LP / 0.05% to UNI burn.
- over the last 30 days: $230M in fees, meaning ~$38M monthly buyback, or ~$460M annualized.
this equals a deflation rate <5%/year, a sustainable model if volumes hold.
2/ one time treasury burn & new fee source
- 100M UNI (10% supply, ~$950M) burned from treasury as compensation for uncollected historical fees.
- unichain sequencer fees redirected to UNI burn as well.
3/ upgraded protocol design
- protocol fee discount auctions internalize MEV and improve LP outcomes.
- aggregator kooks (v4) turn Uniswap into an onchain aggregator collecting protocol fees from external liquidity.
3/ growth first alignment
- labs will focus on driving adoption and stop collecting interface/wallet/API fees.
- foundation employees join Labs under a growth fund.
- unisocks LP moved to v4 on Unichain and burned.
4/ valuation snapshot
- mc $9.4B → p/e ~21x, P/S ~3.5x.
- by comparison 👇
+ $HYPE: $95M buyback/30d, p/e ~37x.
+ $PUMP: $35M buyback/30d, p/e ~6–8x.
+ $UNI: $38M buyback/30d, now between $PUMP and $HYPE.
My view: this marks the shift from a governance token to a cash-flow asset. If @Uniswap sustains its current fee rate and internalizes MEV effectively, a valuation re-rating feels inevitable.
where would you position $UNI among buyback tokens, still undervalued or already priced in?
Today, I’m incredibly excited to make my first proposal to Uniswap governance on behalf of @Uniswap alongside @devinawalsh and @nkennethk
This proposal turns on protocol fees and aligns incentives across the Uniswap ecosystem
Uniswap has been my passion and singular focus for the past 8 years. What started as a small side project is now global financial infrastructure powering thousands of applications with ~$1.8 trillion in annual trading
UNI launched in 2020, but for the past 5 years Labs has been unable to meaningfully participate in Uniswap governance, and has been greatly restricted in the ways it can build value for the Uniswap community. That ends today!
This restriction was in great part due to a hostile regulatory environment that cost thousands of hours and tens of millions in legal fees. Fortunately, the regulatory environment has shifted
This proposal comes from a strong desire to see the Uniswap protocol win as the global decentralized exchange for tokenized value
At a high level, the proposal:
1. Turns on protocol fees and uses them to burn UNI
2. Sends @unichain sequencer fees to the UNI burn
3. Burns 100M UNI from the treasury representing the protocol fees that could have been burned if fees were turned on at token launch
4. Introduces Protocol Fee Discount Auctions, a new way to improve LP outcomes and internalize MEV to the protocol
5. Introduces "aggregator hooks” which will turns Uniswap v4 into an onchain aggregator that collects protocol fees on external liquidity sources
6. Focus Labs on driving protocol growth and adoption, including a contractual agreement to only pursue initiatives that align with Uniswap governance interests
^ As part of this, Labs will stop collecting fees on its interface, wallet, and API to supercharge distribution and adoption of the Uniswap protocol
7. Moves Foundation employees to Labs with a shared goal of accelerating protocol growth, under a growth fund from the treasury
8. Move governance-owned Unisocks liquidity to v4 on Unichain and burn the LP position
I believe Uniswap protocol can be the primary place tokens are traded. This proposal sets the stage for the next decade of its growth
@Uniswap will ship relentlessly over the coming years and supercharge the ecosystem of developers, LPs, and traders building on top
I'm so grateful to the community that has made this all possible, and excited for what's next
🦄
9,99 mil
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