$UNI is trading at $7.15 USD—up 13.50% over the last 24 hours—with a 24-hour volume of $688.8 million and a market cap of $4.49 billion. This surge has been driven by record protocol fee revenue—UNI’s on-chain fees topped $12 million this week as a wave of trading migrated to its V3 pools on Arbitrum and Base—alongside the rollout of Uniswap v3 concentrated-liquidity farms that unlocked deeper yield opportunities, a community-backed governance proposal to burn a portion of quarterly fee income (adding a deflationary element), and growing anticipation for the upcoming Uniswap v4 testnet, which has reignited institutional and developer interest in UNI’s long-term upgrade roadmap