On February 28, it was reported that Uniswap token holders have initiated a new DAO voting round proposing the activation of fee switch mechanisms on eight blockchains. Market expectations suggest this move could bring significant protocol revenue sharing to UNI holders. Boosted by this news, UNI has risen about 9% over the past 7 days, while Bitcoin and Ethereum have fallen 3.5% and 2.4%, respectively.
The proposal involves deploying two versions of the Uniswap protocol on Base, Arbitrum, OP Mainnet, World Chain, X Layer, Celo, Soneium, and Zora. If approved, at least one-sixth of the liquidity fees will go into a “token treasury,” allowing users to receive distribution rewards by burning equivalent UNI tokens, creating a deflationary expectation.
Data shows that since the fee switch was enabled in Ethereum v2 and major v3 pools at the end of December 2025, approximately $3.3 million in revenue has been generated. The new proposal also plans to cover the remaining Ethereum v3 pools, potentially doubling related income. Notably, since 2026, Base has surpassed Ethereum to become the blockchain with the highest Uniswap fee revenue, accumulating $55 million, compared to Ethereum’s approximately $37 million during the same period.
Uniswap founder Hayden Adams stated that the Ethereum mainnet fee mechanism is operating smoothly, with a seamless burn process, and user deposit volumes remain growing despite market fluctuations. This upgrade not only expands the fee switch scope but also involves burning nearly 100 million UNI tokens, optimizing liquidity incentive structures, and gradually adjusting governance and foundation frameworks.
The proposal has already passed the first round of voting, with the final two rounds ending on March 4. For market participants following Uniswap DAO voting progress, UNI price trends, and DeFi protocol revenue models, this governance decision could be a key factor influencing UNI’s medium- to long-term valuation.
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