Official implementation of the fee reduction plan
);)
According to on-chain data, the token burn transaction was completed at 4:30 AM UTC on the 28th. The UNI burned was worth approximately $596 million (KRW 854.924 billion) at the time, making it one of the largest token burns in the history of decentralized finance protocols.
The Unification Proposal received 99.0% of the votes in the governance vote, representing over 125.4 million UNI tokens. The votes were in favor, with only 742 against. The proposal was publicly supported by Jesse Waldron, founder and managing partner of Variant; Kane Warwick, founder of Infinex and Synthetix; and Ian Lapham, an engineer from Uniswap Labs.
Uniswap Labs announced that the official X Unification has officially been implemented on-chain. With this update, interface fees charged by Uniswap Labs have been set to 0%, and fee burning has been enabled on some pools on Uniswap 2 and v3 on the Ethereum (ETF) mainnet. Fees generated on Unichain are also designed to cover Optimism and Layer 1 data costs before being connected to the UNI burn.
According to CoinMarketCap data, the UNI price has risen by more than 5% in the 24 hours since the burn. Trading volume and market capitalization have also increased, while the current circulating supply of UNI has decreased to approximately 730 million out of a total supply of 1 billion.
Meanwhile, the Uniswap Foundation reaffirmed its commitment to continued support for ecosystem growth. The Foundation stated that it will not cease supporting developers and builders, and outlined plans to establish a growth budget that will allocate 20 million UNI to support the development and expansion of the Uniswap ecosystem.
Reporter Jeong Ha-yeon yomwork8824@blockstreet.co.kr
