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Uniswap
2026-07-31 08:39:16

UNI nearly doubled as Uniswap’s fee switch finally started feeding real buybacks

UNI outperformed much of the crypto market in June and July, climbing from around $2.3 in early June to nearly $4.6 by the end of July. The move came months after Uniswap’s long-debated fee switch was formally implemented through the UNIfication governance proposal on Dec. 28, 2025, which routed protocol revenue into TokenJar and then into the Firepit contract to buy and permanently burn UNI. At first, the mechanism looked too small to matter. Dune data cited in the article showed that only about $800,000 worth of UNI was burned in the first 12 days, implying roughly $26 million to $27 million on an annualized basis, far below what the market needed to reprice the token, especially with a 20 million UNI annual growth budget still in place. The picture changed in July after Robinhood Chain launched on July 1 with Uniswap v2, v3, v4 and UniswapX deployed on day one. The chain pushed Uniswap daily volume to $500 million within eight days, while cumulative volume crossed $1 billion on July 10. After the v4 fee switch went live on July 27, DefiLlama data showed protocol revenue nearly tripled and daily funds flowing into UNI burns rose from about $114,000 in early July to $325,000, with Robinhood Chain contributing roughly $170,000. The article argues that the market is no longer pricing UNI on expectation alone. It is now reacting to visible cash flow and a working buyback-and-burn path, while the next major test will come when Robinhood Chain’s gas subsidy expires roughly 90 days after launch.

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UNI nearly doubled as Uniswap’s fee switch finally started feeding real buybacks
UNI Nearly Doubled in Two Months as Uniswap Buyback-and-Burn Starts Showing Up in Cash Flow