ChainCatcher reports that the Uniswap protocol fee switch proposal, UNIfication, has reached the approval threshold of 40 million affirmative votes and is expected to officially take effect later this week. As of Monday morning, nearly 62 million affirmative votes have been cast, with voting ending on December 25. Uniswap Labs CEO Hayden Adams stated that after the vote passes, a two-day timelock phase will commence, at which point the fee switches for Uniswap v2 and v3 on the Unichain mainnet will be activated, triggering UNI token burning.
The proposal includes burning 100 million UNI tokens from the Uniswap Foundation treasury and implementing a protocol fee discount auction system to enhance returns for liquidity providers. Influenced by this, UNI has risen approximately 25% since the vote began, currently trading at $6.18.
