🔥 Yesterday’s UNI: Burns exceeded issuance, with net burns of about 50,000
📅 UTC 11/4 (same conclusion for “yesterday” in Beijing):
🔴 About 50,000 UNI burned
🟢 Issuance / minting = 0
🏦 Transfers from the Treasury Timelock and quarterly vesting were also 0
➡️ Net change: about −50,000 UNI
⚙️ Where the burns came from:
After UNIfication, protocol fees across chains go into TokenJar
Searchers use fixed amounts of UNI (4,000 on mainnet / 2,000 on L2) to swap for fees
Those UNI are sent to a burn address and permanently destroyed
Approximate breakdown by chain yesterday: ETH 16k + Base 16k + Robinhood 10k + Arb 4k + BNB 4k
➕ On the “issuance” side:
The contract theoretically allows governance to mint up to 2% per year, but this has never been exercised
The quarterly circulating-supply budget (5M per quarter for Labs) was last issued on 10/1; the next one is 2027-01-01
So there was no issuance from unlocking yesterday
⚠️ A note on terminology:
ERC20 totalSupply still shows 1 billion (burns send tokens to a burn address and don’t change totalSupply)
It’s the economic/circulating supply that’s declining
In short: No issuance yesterday, only burns—and burns won decisively.
Not investment advice.
📅 UTC 11/4 (same conclusion for “yesterday” in Beijing):
🔴 About 50,000 UNI burned
🟢 Issuance / minting = 0
🏦 Transfers from the Treasury Timelock and quarterly vesting were also 0
➡️ Net change: about −50,000 UNI
⚙️ Where the burns came from:
After UNIfication, protocol fees across chains go into TokenJar
Searchers use fixed amounts of UNI (4,000 on mainnet / 2,000 on L2) to swap for fees
Those UNI are sent to a burn address and permanently destroyed
Approximate breakdown by chain yesterday: ETH 16k + Base 16k + Robinhood 10k + Arb 4k + BNB 4k
➕ On the “issuance” side:
The contract theoretically allows governance to mint up to 2% per year, but this has never been exercised
The quarterly circulating-supply budget (5M per quarter for Labs) was last issued on 10/1; the next one is 2027-01-01
So there was no issuance from unlocking yesterday
⚠️ A note on terminology:
ERC20 totalSupply still shows 1 billion (burns send tokens to a burn address and don’t change totalSupply)
It’s the economic/circulating supply that’s declining
In short: No issuance yesterday, only burns—and burns won decisively.
Not investment advice.