#UNI代币销毁 Seeing this step with Uniswap, I feel a sense of nostalgia. From liquidity mining in September 2020 to token burns today, this project has gone through a fairly complete cycle.

I still remember when UNI was first issued, the market was debating whether the "airdrop governance token" model was sustainable. At that time, some were bearish, thinking there was no real economic model to support it. But looking back now, Uniswap has answered the doubts with concrete actions — not only did they survive, but they also continuously optimize their token economics.

This time, burning 100 million UNI tokens, along with the fee switch being turned off, reveals a clear logic: the priority has shifted from "accumulating assets for the foundation" to "serving the protocol's long-term health and user experience." To some extent, this is a sign of maturity. Most ICO projects in 2017 were obsessed with hoarding funds, and few projects actively burn tokens.

The activation of the fee switch means the protocol layer now truly has leverage to adjust. In the future, if needed, Uniswap can use the fee mechanism to balance LP rewards and token holder interests. This is not just a simple concession but the establishment of a sustainable governance framework.

Thinking of pioneers like MakerDAO and Aave, they also faced similar decision points. The projects that truly survived the bear market are those willing to make short-term sacrifices for long-term value.