The Uniswap Labs and Uniswap Foundation teams presented a governance proposal for UNIfication, which suggests activating the "fee switch" to reward token holders $UNI . The asset's price increased by 30%.
The initiative was co-authored by protocol founder Hayden Adams, Uniswap Foundation CEO Devin Walsh, and researcher Kenneth Ng.
The plan provides for directing part of the trading fees to burn $UNI to reduce supply. To do this, the fees from the Unichain sequencer will also be used.
The initiative includes a one-time withdrawal of 100 million tokens from the project treasury. This amount represents the fees that could have been burned since the launch #UNI .
Additionally, Uniswap Labs will stop charging for the use of its interface, wallet, and API.
UNIfication also proposes to move teams from the Foundation to Labs. The latter is responsible for the core development of the protocol and the L2 Unichain network. As a result of the reorganization, the company will take on operational functions for the development and funding of the ecosystem.
«We propose a long-term model for the Uniswap ecosystem, in which the use of the protocol encourages the burning of UNI», the proposal states.
According to Adams, the team delayed implementing the fee collection mechanism 'largely due to the hostile regulatory environment.'
«UNI was launched in 2020, but for the last 5 years Labs has not been able to fully participate in the governance of Uniswap. Today this will end!», said the head of the exchange.
Recall that in October #Uniswap support for the Solana network was added to the web application.
