Uniswap token jumps 38% after fee switch, burn proposal hits the table

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’s market cap blew past $6 billion on the news and is now the 34th largest cryptocurrency.

Uniswap is by far the largest DEX, processing around $4 trillion in cumulative volume since it launched in November 2018.

Uniswap to prioritize protocol development

While the Uniswap Foundation dubbed UNIfication as the protocol’s “next era,” issuing grants to improve protocol development and growth and support decentralized finance builders will continue to be a priority, it said.

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It plans to create a Growth Budget to achieve this, which would involve distributing 20 million UNI tokens.

The UNIfication proposal also introduces a Uniswap Growth Budget to fund further protocol and ecosystem growth each quarter for industry builders.

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