Uniswap has removed 100 million UNI from circulation after its fee-burning proposal passed with near-unanimous support.
Uniswap has executed a major token burn following the approval of its long-anticipated fee burning proposal, removing 100 million UNI, worth roughly $596 million at current prices, from the protocol’s treasury.
Onchain data shows the burn transaction was completed at around 4:30 am UTC on Dec. 28, confirming the first large-scale implementation of the governance decision passed earlier this week, according to analyst EmberCN. The transaction permanently reduced Uniswap (UNI)’s token supply, marking one of the largest burns ever carried out by a decentralized finance protocol.
The highly anticipated Uniswap protocol fee switch, dubbed “UNIfication,” passed on Thursday with 99.9% support. More than 125 million UNI tokens were cast in favor of the proposal, compared with just 742 tokens voting against, underscoring broad consensus among token holders.
