UNISWAP Research Report: $UNI Token Experiences Historic Turning Point, 'UNIfication' Proposal Ignites Market
Key Points Summary
· 'UNIfication' Proposal Released: Uniswap Founder Hayden Adams published a joint governance proposal on November 10, activating protocol fee mechanisms and aligning ecological incentives, marking the first comprehensive participation in governance for the UNI token since its launch in 2020.
· Price Strong Breakthrough: Affected by the proposal, the UNI price surged 29.5% within 24 hours, with a cumulative increase of 84% over 7 days, peaking at $10.04, and market trading volume skyrocketed more than 4 times.
· Initiation of the deflationary mechanism: The proposal introduces a token burn plan, including an immediate burn of 100 million UNI and continuous fee buybacks and burns, with an expected first-year burn value of $38 million UNI, significantly enhancing token scarcity.
· Comprehensive ecological upgrade: Uniswap v4 upgrades to an on-chain aggregator, introducing innovative mechanisms like protocol fee discount auctions, further consolidating its leading position in DeFi.
Core Indicators and Market Performance
Indicator Value
Current price $8.4 USD
24-hour fluctuation range $8.2 - $10.04
24-hour price change +29.5%
7-day cumulative increase +84%
Fully diluted market cap $8.2 billion (ranked 35th in the cryptocurrency market)
24-hour trading volume $3.3 billion (surging compared to the previous week)
Total supply of 1 billion UNI (fixed upper limit, no issuance)
Recent Price Trend Analysis
· Before November 4: Prices stabilized in the range of $5.50 - $6.00, with flat trading volume.
· After the proposal was released on November 10: Prices surged from $6.57 to $9.78 in a straight line, with a 24-hour increase of 35%.
· Whales actively positioning: In the past 24 hours, whale addresses have cumulatively increased their holdings by 8.96 million UNI (approximately $9.37 million), with the holding ratio increasing by 8.96%, indicating strong bullish sentiment from large funds.
2. Deep Interpretation of the 'UNIfication' Proposal
The 'UNIfication' proposal officially released by Uniswap on November 10 is a joint governance proposal by Uniswap Labs and the Uniswap Foundation, aimed at fully activating the protocol's economic model and restructuring the ecological incentive system. This is the most important governance upgrade since the birth of the UNI token five years ago, indicating that Uniswap has officially broken through regulatory constraints and opened a new chapter in value capture.
Core Content of the Proposal:
1. Activation of protocol fees: Extracting 0.05% of liquidity provider (LP) fees for continuous buyback and burn of UNI tokens, with an expected first-year burn value of $38 million UNI.
2. One-time burn of historical fees: Immediately burn 100 million UNI (equivalent to the protocol fees that should have accumulated since the token's launch) and commit to directing all Unichain sorter fees towards UNI burn.
3. Introduction of Innovative Mechanisms:
· Protocol fee discount auction: Optimizing LP yield structure and internalizing MEV value.
· Aggregator Hook: Upgrading Uniswap v4 to an on-chain aggregator to capture protocol fees from external liquidity sources (including CEX).
4. Organizational Structure Optimization:
· Uniswap Labs has stopped charging interface, wallet, and API fees, fully focusing on protocol ecological growth.
· The foundation team is merged into Labs, establishing a growth fund with special treasury allocations.
Ecological progress support:
· Uniswap v4's trading volume has exceeded $200 billion (as of November 10).
· The protocol's revenue in the past 30 days has reached $3.69 million.
· Cumulative front-end trading fee revenue has reached $178 million since October 2023.
· Uniswap Cup Community Event: On November 16, a soccer event with 32 teams will kick off in Buenos Aires, further enhancing user participation and brand influence.
3. Value Analysis: Bullish Logic and Risk Reminders
🔥 Strongly Bullish Basis
1. Scarcity Revolution:
· A one-time burn of 100 million UNI (10% of total supply) combined with continuous buyback and burn will significantly enhance token deflation expectations.
· Assuming annual trading volume maintains the historical peak of $1.8 trillion, a 0.05% fee could generate $90 million in revenue, with an estimated annual burn of around 10 million UNI.
· Comparative case: BNB doubled its market cap in a bear market through a similar burn mechanism, and UNI's deflationary model has greater explosive potential.
2. Strengthening Value Capture:
· As a leading DeFi infrastructure (TVL over $5 billion), Uniswap has first achieved a direct benefit binding between protocol income and token holders.
· Improved regulatory environment (SEC policy loosening) clears obstacles for Labs, allowing them to fully promote ecological expansion.
· The innovative design of the v4 'Aggregator Hook' will directly capture external liquidity (including centralized exchange traffic), establishing its industry position as the 'default DEX.'
3. Macroeconomic Tailwinds:
· The cryptocurrency market is in a bull market cycle in 2025, with the effects of Bitcoin halving continuing to ferment, and the recovery of the DeFi sector will preferentially benefit leading projects.
· Compared to competitors (like SushiSwap), Uniswap's historical trading volume of $30 trillion and multi-chain layout (supporting over 15 chains) have built an insurmountable moat.
⚠️ Risk Reminder
· Uncertainty in governance voting: The proposal still needs to pass community voting, and if opposing voices (concerns about centralization) prevail, it may lead to short-term price corrections.
· Market sentiment fluctuations: The cryptocurrency market exhibits significant volatility, and if the overall market weakens or profit-taking is concentrated, it may trigger price pullbacks.
· Historical experience warns: The 2023 'fee switch' proposal was delayed due to controversy, and this proposal's passing process still needs close attention.
4. Investment Recommendations and Outlook
Short term (1-3 months): Strongly bullish, target price $20.
· The expectation of the proposal passing combined with the amplified trading volume effect will drive a rapid price reassessment.
· If the voting at the end of November goes smoothly, market sentiment is expected to further heat up.
Medium to long term (6-12 months): Strongly recommended to hold or accumulate on dips, target price range $50.
· Uniswap, as a cornerstone of DeFi supporting thousands of DApps, has an irreplaceable infrastructure position.
· The full activation of the protocol fee model will drive value to continuously return, and UNI is expected to become one of the most certain value targets in this bull market.
Conclusion
Uniswap is undergoing a historic transformation from 'trading tool' to 'value engine.' The 'UNIfication' proposal is not only a technical upgrade but also a paradigm revolution in value distribution mechanisms in the DeFi 2.0 era. As one of the few regular troops and established kings in the cryptocurrency world, UNI's path to value recovery has just begun, and every pullback at this moment may be a precious opportunity granted by the market for strategic positioning.#美国结束政府停摆 #山寨币市场回暖 #unl
