The burn follows the approval of Uniswap’s UNIfication proposal, which activates protocol fees and future UNI supply reductions.
Uniswap has completed its first large-scale token burn after governance approval, removing 100 million UNI — worth about $596 million — from its treasury via an onchain transaction.
Onchain data shows the burn transaction was completed at around 4:30 am UTC on Dec. 28, confirming the first large-scale implementation of the governance decision passed earlier this week, according to analyst EmberCN. The transaction permanently reduced Uniswap (UNI)’s token supply, marking one of the largest burns ever carried out by a decentralized finance protocol.
The highly anticipated Uniswap protocol fee switch, dubbed “UNIfication,” passed on Thursday with 99.9% support. More than 125 million UNI tokens were cast in favor of the proposal, compared with just 742 tokens voting against, underscoring broad consensus among token holders.
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