Uniswap's UNI burning volume broke a single-day record, demonstrating that the protocol's fee collection and burning mechanism is rapidly taking effect. As this mechanism expands to more public chains, Uniswap is also simultaneously updating its multi-chain products, attempting to broaden the accessibility for ordinary users.
134,000 UNI tokens destroyed in 24 hours
On-chain tracking data shows that 134,000 UNI tokens were burned in the past 24 hours, marking the highest single-day level since the launch of the UNIFICation mechanism. The previous day, monitoring had already indicated that transaction fees collected through the Uniswap contract fueled even stronger burning activity.
Under this mechanism, the protocol first collects transaction fees into the TokenJar contract. To withdraw these fees, users need to destroy an equivalent amount of UNI through the Firepit contract. Afterward, these tokens are sent to the Ethereum 0xdead address, permanently withdrawing them from circulation.
Proposal 96 expanded to 11 chains.
In May of this year, Uniswap governance, through Proposal 96, extended fee collection and UNI burning to BNB Chain, Polygon, and Celo. Including Ethereum, the number of chains using this mechanism has now increased to 11.
Uniswap is currently deployed on more than 40 blockchains. Data disclosed by the protocol shows that its total locked value is approximately $2.86 billion, of which Ethereum accounts for $1.96 billion, Base for $416 million, and Arbitrum for $198 million.
- Total transaction fees amounted to approximately US$5.59 billion.
- The total amount corresponding to the destruction mechanism is approximately US$14.15 million.
- Current annualized transaction fees are close to $882 million.
Multi-chain product synchronization updates
In addition to governance and burning mechanisms, Uniswap Labs also announced four product updates, focusing on the multi-chain user experience, including in-app wallets, cross-chain exchange, asset portfolio tracking, and multi-chain asset views.
The company stated that all four features are now live, and the exchange interface is currently free of charge. Uniswap Labs also stated that internal research shows that in 2026, 49.9% of new traders making exchanges on Ethereum, Arbitrum, and Base will have their first on-chain exchange occur on Uniswap.
Founder Hayden Adams also stated on X that despite the current weak market sentiment, he remains "very bullish on DeFi and Ethereum." He compared the current phase to the 2018 bear market, believing that downturns may still breed the next round of product development.
