Uniswap’s UNI Jumps 19% as governance vote to activate protocol fees opens

Markets Share Share this article Copy link X icon X (Twitter) LinkedIn Facebook Email Uniswap’s UNI Jumps 19% as governance vote to activate protocol fees opens UNI jumped after voting began on a proposal to activate Uniswap protocol fees, while broader crypto markets traded quietly. By Siamak Masnavi , AI Boost Dec 20, 2025, 8:07 p.m. UNI-USD 24-Hour Chart (CoinDesk Data) What to know : UNI rose about 19% within 24 hours as on-chain voting began on a proposal to activate Unisw The “Unification” proposal would align Uniswap Labs, the Foundation and governance around a shared fee and incentive structure. Early voting showed overwhelming support, while broader crypto markets posted modest gains. Uniswap’s UNI token rallied about 19% over the past 24 hours as on-chain voting began on a major governance proposal that would activate protocol fees and introduce a long-discussed UNI burn mechanism. UNI began climbing shortly after the voting period opened at 03:50 UTC on Dec. 20, according to Uniswap governance data. A one-day UNI-USD chart from TradingView shows the sharpest leg of the rally unfolding during the early hours of the voting window, with the price breaking out from the $5.40–$5.50 range and continuing to trend higher throughout the day, alongside rising trading volume. STORY CONTINUES BELOW Don't miss another story. Subscribe to the Crypto Daybook Americas Newsletter today . See all newsletters Sign me up By signing up, you will receive emails about CoinDesk products and you agree to our terms of use and privacy policy . UNI-USD 24-Hour Chart From TradingView By around 19:30 UTC, UNI was trading near $6.27, up roughly 19% on the day. The move stood out against a relatively muted broader market, with bitcoin consolidating near $88,300 and ether trading slightly lower around $2,976. The overall crypto market capitalization was up about 1% over the same period, underscoring UNI’s relative outperformance. The vote centers on a sweeping governance proposal known as “Unification,” a name that reflects its goal of aligning Uniswap’s economic incentives, governance structure and development efforts under a single framework. If approved, the proposal would implement protocol fees across Uniswap v2 and select v3 pools, routing those fees into a programmatic mechanism that burns UNI tokens. The proposal also includes a retroactive burn of 100 million UNI from the treasury, intended to approximate the amount that might have been burned had protocol fees been active since Uniswap’s early years. Additional components would direct Unichain sequencer fees into the same burn mechanism and introduce new auction-based systems designed to internalize MEV while improving liquidity provider returns. Beyond fee activation, the proposal formalizes closer operational alignment between Uniswap Labs, the Uniswap Foundation and on-chain governance. Under the plan, Labs would focus on protocol development and growth, while removing fees from its interface, wallet, and API. Development and ecosystem initiatives would be funded through a governance-approved growth budget. Although Uniswap governance has debated activating protocol fees for years, previous efforts to do so have stalled amid regulatory uncertainty and disagreements over incentive design. The opening of formal on-chain voting appears to have catalyzed renewed market interest, with traders positioning around the possibility of direct value accrual tied to Uniswap’s dominant trading volumes. Early voting data showed overwhelming support for the proposal, though the vote remains open until 6:14 p.m. UTC on Dec. 25. While the outcome is not yet final, the timing of UNI’s rally suggests the market is responding to the start of the governance process itself and the prospect of a structural shift in how value flows back to UNI holders. Uniswap AI Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards . For more information, see CoinDesk's full AI Policy . More For You Protocol Research: GoPlus Security By CoinDesk Research Nov 14, 2025 Commissioned by GoPlus What to know : As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M. GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month. Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B. View Full Report More For You Fidelity's Jurrien Timmer: Expect lame 2026 as four-year bitcoin cycle appears intact By Stephen Alpher 5 hours ago The director of global macro at the asset management giant remains a secular bull on bitcoin, but isn't optimistic about the next year. What to know : A number of notable market analysts of late have dismissed the idea of bitcoin's four-year cycle and the nearly certain bear market that might imply. Fidelity's Jurrien Timmer, however, says the action so far this time around lines up about perfectly with past four-year cycles and the current bearish action should last deep into 2026. 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