After many years of silence, Uniswap again started a storm in DeFi. The founder Hayden Adams put forward a heavy-pound proposal to reshape the tariff structure and the UNI token burning mechanism.
By opening a protocol fee switch, introducing a sorter gain and a MEV internalization mechanism, it is possible to create a new system that can be used in the process.@Uniswap For the first time, the transaction was transformed directly into a burning power of the UNI, leaving the growth of the agreement closed to the value of the token.
This proposal represents a fundamental upgrading of the Uniswap business model: from an "arranged deal" to a super-mobility hub that integrates transaction fees, MEV gains, polymer flows and L2 Sequencer revenues into the UNI deflation cycle.$This led to a leap from a symbol of governance to a fundamental asset in a priceable and valuable chain.
1. United Nations Proposals
Uniswap Founder Hayden Adams @haydenzadams Union Foundation @UniswapFND A major governance proposal, known as "UNIFIation " , was formally presented as the most influential structural change since the inception of the agreement. At the heart of the proposal was the activation of the long-discussed agreement fee switch mechanism and the redistribution of transaction cost structures.
Rate adjustment mechanisms:
-
Current structure: 0.3 per cent transaction costs are fully allocated to the mobility provider (LP)
-
New structure: 0.25 per cent allocated to LP + 0.05 per cent to burn in UNI tokens at agreed cost
This adjustment means that the agreement would draw about 16.7 per cent of the cost of each transaction for the burning of coins and create a value capture mechanism for UNI holders.
2. Eight core summary proposals
(1) Opening of the agreement fee and destruction of the agreement at the return purchase.
(2) Will @unichain The cost of Sequencer is used for UNI destruction.
(3) The one-time destruction of 100 million UNIs from the treasury amounts to a one-time write-off of "the portion of the coin that would have been slowly destroyed in the years that would have been covered by the agreement had the agreement been paid for at the outset".
(4) The introduction of the Protocol Fee Discount Operations mechanism to improve the performance of LP returns and biochemicalize the MEV to the protocol level.
(5) The introduction of "aggregator hooks" to transform Uniswap v4 into a chain polymer, with the same protocol fee for external liquidity sources.
(6) Focus on Labs ' focus on promoting the growth and adoption of agreements and through contractual constraints: pursue only business directions consistent with Uniswap ' s governance interests. Labs will stop charging fees on official interfaces, wallets and API to maximize the distribution and adoption of agreements.
(7) The transfer of the entire staff of the Foundation to Labs, supported by the Growth Fund established by the Treasury, has as its common objective the "Accelerating the Growth of Agreements".
(8) Migration of the governance holding Unisocks liquidity to v4 on Unichain and direct destruction of the LP position.
3. Detailed discussion of the United Nations proposal
3.1 Opening agreement costs
The most important is the start of the agreement: the Uniswap agreement carries a "cost switch" and can only be opened through the UNI governance vote. The proposal recommends that the switch be opened at the governance level and that a procedural mechanism be introduced to automatically use costs for the destruction of UNI.
To reduce the impact, costs will be phased in, starting with the v2 and part v3 pools of the Etheum main network (covering approximately 80-95 per cent LP costs) and then extending to L2, other L1, v4, UniswapX, PFDA and polymer hooks.
-
v2 Cost mechanism: LP currently costs 0.3 per cent, LP returns 0.25 per cent and protocol returns 0.05 per cent (to UNI).
-
v3 Cost mechanism: Agreement costs are adjusted by governance and are set separately for each pool.
-
0.01 per cent versus 0.05 per cent rate pool: agreement fee is set at one quarter of LP fee.
-
0.30 per cent versus 1 per cent rate pool: agreement fee set at 1/6 LP fee.
Based on @bread_ Analysis of historical data, applying this 0.05 per cent to the annualized fees of approximately $2.8 billion, is equivalent to a return of approximately $38 million per 30 days. It'll make... $UNI Repurchases are on a larger scale. $PUMP (approximately $35 million), second only $HYPE (approximately $95 million).
3.2 Detailed costing of Sequencer (backstopping of buy-backs at least $600 W per year)
What is the cost of Sequencer? In most of the Rollup types of L2 chains (e.g. Optimism, Arbitrum, Unichain)Sequencer It's a central or semi-centralized node for collecting user transactions➡️Pack them in order.➡️Submitting data to the Ether host network.
When a user submits a transaction, except for payment L1 Data Fee and L2 Implementation Fee There's one more to pay. Seguencer Fee, as compensation for rapid confirmation services for Sequencer.
Unichain has been online for only nine months, with annualized DEX transactions amounting to approximately $100 billion and annualized sorters earning about $7.5 million.
It is proposed that, except for L1 data costs and 15 per cent payments to Optimism, the remaining full sorter costs will be injected into the UNI destruction mechanism. That's at least $6 million in repurchases.
3.3 MEV Internalized cost mechanism (PFDA)
The protocol fee discount auction (Protocol Fe Discount Action, PFDA) can enhance LP returns and create new protocol revenues through internalization of MEV. The mechanism will auction "the right to be exempted from the transaction of agreement fees in a short period of time and at a designated address" and the proceeds of the auction will be used for UNI destruction. So, the MEV that would have gone to the certifier would have turned into a source of combustion for the UNI.
The preliminary analysis indicated that the LP return for each $10,000 transaction could increase by about $0.06-$0.26 for these discount auctions, which is a significant improvement given that the LP rate of return is usually between -$1.00 and +1.00.
3.4 Aggregator Hooks
Uniswap v4 introduces "Hooks", making the protocol a programmable development platform.
Labs will take the lead in putting "polymer hooks" in place to get mobility from other chain protocols, and on this basis add a proceduralized UNI destruction logic.
In other words, Uniswap v4 itself will becomeA chain polymer., any team can be integrated. Labs will integrate the polymer hooks at the front end with the API to provide users with additional sources of chain mobility while benefiting the whole ecology.
3.5 Repurchase 100 million UNIs in good faith
As a symbolic compensation, it amounts to a one-off write-off of the "part of the coin that would have been slowly destroyed by the agreement's revenues if the agreement had been paid at the outset."
That is good faith.
3.5 Technical realization
Every source of the fee will be connected to a name called "Accommodator Contract" Token Jar A non-transformable chain of contracts to accumulate the cost of the agreement. These costsOnly UNI can be extracted after destruction in another contract, Filipit。
At present, Tokenjar and Firepit have been deployed and adapters for v2, v3, Unichain have been established. PFDA, V4, polymer hooks and other cross-chain bridge adapters are still under development and will be on line through future governance proposals.
3.6 Group and organizational restructuring
The original text can be read in the reference network, which can be summarized as follows:
Uniswap this time is going to be "the big one": to bring the foundation together to Labs, the board plus Hayden and Callil into a group of five. Later on, Labs didn't rely on interfaces, wallets, API fees, and focused on using the Treasury's Growth Fund to buy Uniswap for more people and more money.
To put it simply, Labs offers more money (e.g., auction rates, loss hooks) to the mobile providers, and even to the developers (free API, DCA, cross-chain, one-button Gas) to the users.
The restructuring of the organizational structure is also intended to improve the profitability.
3.7 Growth Budget (The Growth Budget)
Proposal proposes establishment of governance level 20 million growth budgets per year, released quarterly from 1 January 2026 for protocol growth and development.
3.8 Permanent Locks
Unisocks has been considered a symbol of fun and culture since its launch by Labs in 2019.
When the UNI was released in 2020, Labs handed over SOCS/ETH LP positions on Uniswap v1 to the governance contract, which remained unchanged. The proposal proposes to move the LP position from the main network v1 to the Unichain v4 and send it to the destruction address topermanently lock liquidity and price curveThe final vision of Unisocks.
Read: It's mostly about cleaning up the burden of history, laying a high-value, useless LP in the governance contract, moving + destruction = graceful exit. Presentation to communities "The agreement can evolve and leave the past.""A new story for the Unichain era."
"Unisocks died in the proper bed, but was cast in the most honourable way, amber, forever sealed on Unichain. " ... "
It's no longer an asset, but... Uniswap Monument of Early Innovation and Culture。
4. Meaning and Summary
The Uniswap 'UNIFIation' proposal marks a new era of value capture for DeFi. For many years,$UNI, the most symbolic of governance tokens, has lacked a clear cash flow that is now completely reversed. The core of the proposal includes: the formal activation of protocol fee-splitting (fee switch), the establishment of a deflation destruction mechanism, the retroactive destruction of 100 million UNIs and the incorporation of Unichan ' s proceeds from the sorter and MEV discount auctions into the destruction system, and a full reorganisation of the currency economic closure. At the same time, Labs will end the commercial fee-paying function and transform it into an agreed and ecological growth engine.
This means not only that Uniswap moves from "mobility and narrative drive" to "revenue drive", but also that DeFi narrative moves from "technology innovation" to "sustainable value accumulation" as a critical watershed.
$UNI This led to a leap from a symbol of governance to a fundamental asset in the priceable and valuable chain.
Share to Twitter
Share Wing
Share to Microblogging
Share article links
Share social media
