#UNI代币销毁 Seeing Uniswap's recent move to completely eliminate fees, I started to think about a question: Is a policy of discounts good? Of course, it is. But what’s more worth paying attention to is the decision to burn 100 million UNI tokens behind the scenes.

This reminds me of a common reaction many people have in the face of market hot spots—seeing token burns and getting excited, thinking that the "gap effect" will push prices higher. But investors who have gone through several cycles should be clear that burning tokens itself is not a guarantee of price appreciation; the key is whether the ecosystem is truly creating value.

Uniswap prioritizes the earnings of liquidity providers by lowering costs to attract more participants. This is about making the "cake" rather than just "dividing the cake." From this perspective, its logic is sound.

But I want to remind everyone that no matter how well an ecosystem develops, it cannot change the fundamental volatility of the crypto space. No matter how advanced the features or how aggressive the burn policy, position management and risk control remain the top priorities. When hot spots emerge, don’t be blinded by the potential. The stop-loss lines and position ratios that should be in place are all essential. Long-term confidence in a project is never a reason to put all your chips in. Stability is the real key to winning.