Uniswap: The proposal to switch protocol fees has reached the threshold for approval and will take effect this week.

According to Odaily Planet Daily, the Uniswap protocol fee switch proposal, UNIndication, has reached the threshold of 40 million votes to pass and is expected to officially take effect later this week. As of Monday morning, it had nearly 62 million votes in favor, and voting will end on December 25th. Uniswap Labs CEO Hayden Adams stated that after the vote passes, there will be a two-day time lock phase, during which the Unichain mainnet's Uniswap v2 and v3 fee switches will be turned on, triggering the burning of UNI tokens. The proposal includes burning 100 million UNI tokens from the Uniswap Foundation treasury and implementing a protocol fee discount auction system to increase returns for liquidity providers. As a result, UNI rose by approximately 25% after the vote began, currently priced at $6.18.