Uniswap’s Fee Switch Proposal Is on the Right Track to Passing

• Nearly 70 million users have voted in favor of Uniswap’s fee switch proposal.
• If approved, Uniswap will burn 100 million UNI tokens.
• UNI surged over 33% after the Uniswap founder announced the latest proposal.

The latest Uniswap fee switch proposal is on the verge of passing, having nearly 70 million votes as of the time of writing.

Almost 98% Users are in Approval

Voting details on the Uniswap Foundation website revealed that 69,415,418 participants have voted in favor of the proposal, with only 742 users voting against it. Meanwhile, 1,500.007 network participants, representing 2.12% of the eligible voters on the platform, have abstained from the voting process.

It is worth noting that the “YES” votes for the latest proposal comprise 97.88% of the voters’ population, suggesting the proposal is almost as good as passed. It is only a matter of time before the new protocol takes effect.

Uniswap is Set to Burn 100 Million UNI

For context, Uniswap founder Hayden Adams submitted the “Unification Proposal” for final governance vote on December 18, outlining the voting timetable, which stated December 19 as the kick-off date. The voting process would last until December 25, and if passed, after a two-day time lock period, Uniswap will burn 100 million UNI tokens.

According to Adams, the emerging process will trigger a flip in the Uniswap version 2 and Version 3 fee switches on the mainnet, and begin burning UNI tokens, along with Unichain fees. He further noted that Uniswap Labs will align itself with Uniswap governance with a contractual agreement, recognized as legally binding in the state of Wyoming under the DUNA law.

The latest development triggered excitement among the Uniswap community, with several respondents to Adam’s post leaving notes of approval in anticipation of what could follow for the decentralized protocol. 

UNI Token Surges Amid Ongoing Voting

UNI, Uniswap network’s native cryptocurrency, reacted bullishly to the latest development. TradingView’s data reveals that the digital currency surged significantly after Adams’ announcement, gaining over 33% within three days. A crypto analyst observing the trend considers UNI’s latest move a potential trigger for higher targets.

In his latest post, the analyst noted that UNI bounced off the bottom of a weekly ascending channel, with buyers defending the digital token’s uptrend. According to him, momentum is returning, and UNI is aiming for a sustained rally that could see the cryptocurrency surge toward $25, despite trading at $6.2 at the time of writing.

Related: Uniswap’s UNInception: Why the Protocol Is Finally Turning On the Fee Switch