Fee switch AKTIF. UNI tetap jatuh ke titik terendah siklus.

Sulaiman 零号猎人 · 2026-09-28T23:48:52.000Z

Selama lima tahun, "kapan fee switch?" hanya menjadi lelucon. Lalu kejadian itu. 100M UNI dibakar. Peralihan biaya sudah aktif. Dan harganya tetap turun. Bukan semalam. Itu berdarah selama berbulan-bulan, dari sekitar $5,80 saat pemungutan suara disahkan hingga sekitar $3,40 pada bulan Agustus. Itu aneh, karena UNI dulu adalah token paling terkenal yang tidak menangkap apa pun. Lebih dari $1B dalam biaya per tahun, dan para pemegang mendapat satu hal: sebuah pemungutan suara. Kali ini, pemungutan suara bahkan tidak dekat. 125,3M mendukung, 742 menentang. Perbendaharaan membakar 100M UNI sekaligus, yang setara dengan 10% dari pasokan awal 1B.

For five years, "when fee switch?" was a joke.
Then it happened. 100M UNI burned. Fee switch live.
And the price still fell.
Not overnight. It bled for months, from about $5.80 when the vote passed to around $3.40 by August.
That is strange, because UNI used to be the most famous token that captured nothing. More than $1B in fees a year, and holders got one thing: a vote.
This time the vote was not even close. 125.3M in favor, 742 against. The treasury burned 100M UNI in one go, which is 10% of the original 1B supply.
Most people expected a moonshot. They got a slide.
Why?
My guess: the market had heard "the fee switch is coming" for so long that it stopped believing it. It did not want a vote. It wanted proof.
And the proof came slowly.
On July 27, the fee switch reached v4 pools. In one snapshot, daily protocol revenue went from about $114K to about $325K.
By September 9, Hayden Adams said the burn rate, if it kept going for a full year, would pass $250M.
UNI then climbed to about $6.56 in mid-September. That is roughly 91% above the August low.
How it works, simple version:
Every swap → fees collected → TokenJar buys UNI on the open market → UNI is burned forever → less supply.
Nobody has to vote every week. The more people trade, the more UNI disappears.
That is why I keep saying: the burn story lives and dies on trading volume.
But let me be honest about what this is NOT.
UNI is not a dividend token. Uniswap's own developer docs say holders have no direct claim on protocol revenue. Value comes only through burns, and whatever governance approves later.
What I am watching:
Volume: does trading stay strong when the market goes quiet? Less trading means less burn.
Competition: do aggregators and new DEXs pull liquidity away from Uniswap?
Price vs. burn: at roughly a $4B market cap, $250M a year of burns is about 16x. Cheaper than before, still not cheap. (My own estimate. Check the live market cap.)
Governance: does the DAO keep the switch on, or does someone try to change it later?
The market did not reward the announcement. It rewarded the numbers, months later.
So what is UNI now? A real value-accrual story, or a good story that ran too fast? Tell me below 👇
$UNI  $ETH  $BTC  #Uniswap  #UNI  #DeFi  #Write2Earn #mostsearched 
Not financial advice. DYOR.