This message is of historical significance in the DeFi space.
If you just understand it as a statement:
'Uniswap is going to share fees.'
Then you seriously underestimate the significance of this vote.
Old Stone puts the conclusion right at the front:
This is Uniswap's life-and-death leap from 'public infrastructure' to 'value-capturing protocol.'
First, let's state the facts: voting is no longer 'discussion,' but 'the last step before execution.'
December 20,
Uniswap
The official page shows:
The final governance vote on the 'Activation of the Fee Switch Proposal' has officially started.
Deadline:
👉 Beijing time December 26th 02:11
If passed, it will officially execute after a 2-day deadline
Note the keywords:
👉 Final vote
👉 Execution is imminent
Two, what exactly does this proposal want to do? It's not as simple as a 'dividend'
If the vote passes, three very significant things will happen:
1️⃣ Directly burn 100 million UNI
Not a slow burn into the future,
It is a one-time structural treatment.
In the total structure of UNI, this is not symbolic, but:
Clearly tell the market: UNI is no longer 'infinite story token'.
2️⃣ Uniswap v2 / v3 fee switch officially launched
This step is the real 'forbidden button'.
What does it mean?
👉 The actual fees generated by the protocol are no longer all given to LP
👉 Part of it is starting to enter the protocol layer
This has always been in DeFi history:
The red line of 'said for many years, but no one really dares to act'.
3️⃣ Unichain fees + UNI dual destruction mechanism
If you only focus on v3, you will miss the key point.
Uniswap is no longer a DEX, but:
DEX +
Unichain +
Application-level blockchain narrative
The future structure will change to:
Trading → fees → reflux protocol → destroy UNI
This is not a dividend model,
This is the closed-loop design of 'on-chain cash flow → equity tokens'.
Three, why is this said to be UNI's 'final judgment'?
Because of this matter, Uniswap has dragged for 4 years.
Recall the historical dilemmas of UNI:
No fee sharing
No clear value capture
Being called 'governance air token'
Price has long underperformed ETH
But this vote is essentially answering a question:
UNI, is it really considered an 'asset'?
Four, what will happen if it passes? What does it mean if it does not pass?
Old Shi gives you two outcomes directly.
✅ If passed (this is what the market cares most about)
It means:
1️⃣ UNI officially enters the ranks of assets with 'cash flow expectations'
2️⃣ DeFi protocols are no longer shy about discussing value capture
3️⃣ Uniswap is transitioning from 'public goods' to 'equity-based protocol'
In one sentence:
UNI can finally be included in long-term models like ETH and BTC.
❌ If it fails (this is also a signal)
It means:
1️⃣ Governance is still being dragged down by dispersed interests
2️⃣ UNI continues to bear the original sin of 'narratives unable to be fulfilled'
3️⃣ DeFi protocol value capture will be forced to bypass Uniswap
That means for UNI,
It is a long-term confidence damage.
Five, why is this time more 'likely to pass' than ever before?
Three real changes:
1️⃣ The regulatory environment is different
👉 Profit sharing is no longer a gray area
2️⃣ The Uniswap ecosystem is large enough
👉 v3 / Unichain has formed a moat
3️⃣ The market no longer pays for 'empty governance'
👉 Investors want results, not ideals
Six, Old Shi's judgment (directly stating the conclusion)
I have a very clear statement for you:
This time, the fee switch vote,
Not for short-term pump,
But rather to decide:
Does UNI have the qualification to survive to the next cycle?
Whether you do UNI or not,
You should be focused on this outcome.
Because it will decide one thing:
The future of DeFi is 'idealistic public goods',
Still a 'sustainable financial protocol'.$BTC
