Uniswap’s fee switch proposal, designed to boost its token’s supply-demand dynamics via token burns, has passed a community vote threshold and is set to take effect this week.
The highly anticipated Uniswap protocol fee switch, dubbed “UNIfication,” is set to pass and go live later this week, having reached the 40 million vote threshold needed to trigger one of the biggest upgrades in the decentralized exchange protocol’s seven-year history.
As of early Monday, nearly 62 million votes have already been cast in favor of the UNIfication governance proposal since voting opened on Dec. 20, with voting set to close on Thursday, Christmas Day.
Uniswap Labs CEO Hayden Adams said on Thursday that a successful vote would follow a two-day timelock period in which Uniswap v2 and v3 fee switches would flip on the Unichain mainnet, triggering the burning of more Uniswap (UNI) tokens.
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