Uniswap's fee switch reached the protocol's newest pools this week, and the first revenue arrived alongside a public brawl over who is paying for it.
The early returns favor UNI holders. Protocol revenue has nearly tripled since the July 27 activation, with about $325,000 flowing toward UNI burns in the past 24 hours versus a run rate of roughly $114,000 a day earlier in July, according to DefiLlama.
UNI rallied 12% in the past 24 hours to about $4.40, per CoinGecko.
The activation is the latest stage of UNIfication, the program governance approved in December that ended UNI's five years as a fee-less governance token. Protocol fees collected on each chain accumulate in contracts called TokenJar, and claiming them requires burning an equivalent value of UNI, converting trading activity directly into supply reduction.
The rollout started with v2 and select v3 pools; Proposal 100, which passed with 46.6 million UNI in favor and 1.27 million against, extended fees to v4 pools across seven chains including Ethereum, Arbitrum, Base, BNB Chain, Polygon, OP Mainnet, and Robinhood Chain.
