Uniswap: The proposal for the protocol fee switch has reached the voting approval threshold and will take effect this week

The Uniswap protocol fee switch proposal UNIfication has reached the threshold of 40 million votes in favor and is expected to officially take effect later this week. As of Monday morning, nearly 62 million votes have been cast, with voting set to end on December 25. Uniswap Labs CEO Hayden Adams stated that once the vote passes, it will enter a two-day time lock phase, during which the Uniswap v2 and v3 fee switches on the Unichain mainnet will be activated, triggering the destruction of UNI tokens.

The proposal includes the destruction of 100 million UNI tokens from the Uniswap Foundation treasury and the implementation of a protocol fee discount auction system to enhance liquidity provider returns. As a result, UNI has risen approximately 25% since the voting began, with the current price at $6.18.