Uniswap (UNI) is the governance token of the leading decentralized exchange (DEX) built on Ethereum, enabling holders to vote on protocol upgrades and changes to the platform. It’s part of one of DeFi’s largest liquidity ecosystems.
UNI currently trades around ≈ $3.3 – $3.5 USD, a steep decline from its 2021 peak near $44, as broader market sentiment and high‑beta selling pressure weigh on price.
In late 2025, Uniswap governance activated the UNIfication proposal, turning on a long‑debated fee switch that begins capturing protocol fees and burning tokens — a shift toward value capture rather than pure governance status.
On‑chain activity remains strong, with weekly trading volumes in the billions and millions of wallet interactions, highlighting Uniswap’s market dominance even as the token lags price-wise.
Analysts say UNI’s future hinges on whether the fee‑burn and revenue‑sharing mechanics translate into sustained demand, versus simply tracking wider crypto cycles.
Short‑term technicals suggest UNI is oversold, with key supports near $3.00 and relief bounces possible if broader risk appetite returns.
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