Uniswap News from November 10 2025

Josh Stall

24d (edited) • Crypto Market Content

Uniswap’s “UNIfication” proposal is a token-value reset.

Activate protocol fees and route them to a perpetual UNI burn—plus a one-time ~100 M UNI retro burn to close the historic value gap.
MEV Protocol Fee Discount Auctions (PFDA): auction fee discounts to internalize MEV and deepen LP returns.
No more front-end fees (Labs UI/wallet/API) to push usage on the open protocol.
v4 “aggregator hooks”: turn Uniswap into an on-chain aggregator that can collect fees from external liquidity, expanding revenue surface.
Why it matters: This is the long-awaited path to direct value accrual for UNI holders—aligning protocol usage with token economics and widening revenue via MEV capture + aggregation. If passed, UNI becomes structurally deflationary while LPs may see stronger economics from PFDA.

@David Zimmerman

I would be interested in your thoughts on what a reasonable Mcap would be relative to the fees they generate.

From an investment banker friend of mine:

"Today on November 10th, 2025, Hayden Adams - the CEO of Uniswap - put forward a proposal to “turn the fee switch on.” The most salient points here:

1/6 of future v2 fees & 1/4 of future v3 fees to go toward burns
all sequencer fees to go toward burns
to compensate for a lack of fee switch in the past, 10% of UNI (currently held by the Foundation) to be burnt on the spot

To date, v2 and v3 have earned ~$2B and ~$3B in fees to-date. Therefore, at the flagged rates above, that would compose ~$330M and $550M respectively of retroactive fees to token-holders (will simplify here and assume burn = buybacks) - therefore, at today’s price, point 3) is quite fair in terms of “making UNI holders whole.”

In regard to valuation as a derivative of fees shared with token-holders, we will adjust for a common heuristic which we believe is mistaken: using upfront “annualized” fee numbers at face value."

The UNI token is being used as an incentive for some pools. the USDC/USDT pool on ARB only has 2 days left before incentives reallocate however, it is a good representation of incentives.

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