This message is actually Uniswap officially laying the groundwork for "opening protocol fees," and it is chosen to use the DUNA (Decentralized Non-Profit Association) legal framework in Wyoming, which has much greater implications than it appears on the surface.

1. Why create the DUNI entity?

Wyoming is one of the few jurisdictions in the U.S. that is friendly to DAOs. The DUNA framework essentially gives DAOs a "legal identity card," allowing them to legally sign contracts, hold assets, open bank accounts, and even sue. This means that Uniswap's governance organization (DAO) is no longer just a "virtual shadow" of on-chain voting, but a legally effective entity.

2. Preconditions for opening protocol fees

Protocol fees refer to taking a portion of the fees earned by LPs and putting them into the DAO treasury. This is highly controversial in DeFi because it involves tax, compliance, and regulatory risks. No one dared to touch it before, fearing it would be labeled as securities issuance or trigger licensing requirements.

The DUNA shell can legally help the DAO receive and manage these fees, reducing regulatory risks. In other words, this is not a symbolic action, but rather "the gateway for collecting money has been dug, and the floodgates can be opened at any time."

3. Direct benefits for UNI holders

Once the protocol fees are opened, this money will flow into the treasury. In the future, whether it is for buybacks, dividends, staking rewards, or investing in new ecosystems, it will directly increase the potential value support for UNI holders.

Especially with the establishment of a domestically compliant framework in the U.S., the barriers for institutions to participate in Uniswap will be greatly reduced. Previously, institutions used Uniswap more for passive arbitrage; now, with the compliant DAO and protocol fees, there is a reason to hold positions long-term.

4. Long-term impact

This is actually a key step in DeFi's entry into "compliance + profitability." Previously, everyone talked about decentralization, but the profit model was ambiguous; now Uniswap is trying to enable the DAO to possess all the powers of a legal entity while operating efficiently on-chain. If this model works, other DeFi projects are likely to follow suit.

Summary:

This is a dual benefit of compliance + profitability, which may be a short-term emotional catalyst and a long-term signal for the reconstruction of valuation logic. Especially in the context of tightening U.S. regulations, Uniswap is telling the market — we are ready to make money, and it is "legal money." $UNI