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.
The proposal will see 100 million UNI tokens burned from the Uniswap Foundation’s treasury, while a Protocol Fee Discount Auctions system to increase liquidity provider returns would also be implemented.
The changes are expected to significantly improve the supply-demand dynamics of the UNI token and make it a more appealing token to hold over the long term.
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