🚨 Most people see $UNI moving. The more interesting part is what's happening underneath it. Uniswap's fee rollout is getting bigger. Protocol fees are now live across 11 chains, while governance has been pushing the same framework into v4 and Robinhood Chain. And this isn't just about collecting fees. The fee system is designed to feed into Uniswap's UNI burn mechanism, with UNI being burned as accumulated protocol fees are claimed. The system recently recorded a one-day burn of around 186,000 UNI. Then there's the bigger picture. The SEC has proposed a new crypto-asset framework aimed at giving certain crypto projects clearer rules and exemptions around offerings and financing. UNI is up around 8% in 24h, with more than $320M in trading volume. I've been following the move on Bitget as DeFi starts getting another look from the market. The interesting question isn't just whether UNI can keep going higher. It's whether real protocol activity can eventually become meaningful enough to change the supply side of the token. #Macro Insights#