Uniswap (UNI)’s price pumped on November 11, following the latest proposal released by the project’s CEO, Hayden Adams.
UNI 24-Hour Price Action
At the moment of writing this article, UNI is trading at $8.2, up by 22% in the past 24 hours. UNI has a market cap of more than $5,23 billion, after topping $6,32 billion earlier.
UNI debuted a price surge from approximately $7 on November 10.
Yesterday evening, Uniswap Labs shared a post via X, announcing a proposal for the next chapter of the project.
Uniswap CEO Releases the UNIfication Proposal
Uniswap’s CEO, Hayden Adams, released his first proposal to Uniswap governance on behalf of Uniswap, alongside Uniswap Foundation’s executive director, Devina Walsh, and Kenneth Ng.
The proposal turns on protocol fees, while aligning incentives across the Uniswap ecosystem, among others.
In his X message, Adams explained how Uniswap has been his focus and singular passion for the past 8 years, highlighting that Uniswap debuted as a small side project, becoming a global financial infrastructure powering thousands of apps with more than $1,8 trillion in annual trading.
UNI token launched in 2020, but for the past five years, Uniswap Labs hasn’t been able to participate meaningfully in the project’s governance and was restricted in relation to value-building for the community.
The restriction was caused by a hostile regulatory environment, but now, this environment has shifted.
Adams explained that this proposal comes from a desire to see Uniswap protocol win as the global DEX for tokenized value.
Key Proposal Points
The proposal includes the following key points:
- Turns on protocol fees and uses them to burn UNI tokens
- Sends Unichain sequencer fees to the UNI burn
- Burns 100 million UNI from the treasury, representing the protocol fees that could have been burned if fees were turned on at token launch in 2020
- Introduces protocol fee discount auctions to boost LP outcomes and add MEV protection to the protocol
- Introduces aggregator hooks which will turn Uniswap v4 into an onchain aggregator that collects protocol fees on external liquidity sources
- Drives protocol growth and adoption
- Eliminates the fees collected by Uniswap Labs on its interface, wallet and API
- Moves Foundation employees to Labs with the goal of accelerating protocol growth
- Moves governance-owned Unisocks liquidity to v4 on Unichain and burns the LP position
This proposal aims to set the stage for the next decade of the project’s growth.
