#美国政府停运 UNI pumped 44% in one day, do you understand this operation?

To be honest, this surge is a bit intense. But it's really not out of nowhere - Uniswap has been holding back for so long with the "fee switch" proposal, and it's finally going to take real action.

Let me throw out a few numbers to get a feel for it:
The protocol will immediately burn 100 million UNI. What does this mean? 16% of the circulating supply will evaporate directly. And then? Continuous deflation every year, with the protocol's income used for ongoing buybacks and destruction. What does this imply? Those holding the tokens are essentially lying down and earning dividends.

What's even tougher is that the SEC finally stopped the investigation, and the regulatory sword that has been hanging for three years has now fallen. The market immediately reacted: a single order from a whale of over 4 million USD swept the screen, technically breaking through a six-month resistance level, and the MACD golden cross has appeared. With this momentum, it's predicted that it will soon touch 9 dollars.

But here comes the interesting part. Why is it precisely now?

You see that various centralized platforms are now desperately spending money on wallet airdrops to grab users. This wave of operations seems unrelated to DEXs, but in reality? It has unconsciously educated users on on-chain trading habits. Once users get used to on-chain operations, they will naturally compare: the hidden fees and slippage losses of centralized platforms are glaringly obvious in the transparent environment of DEXs.

What is smart about this play with UNI? It has directly upgraded from a "voting tool" to a "yield-bearing asset." Previously, holding UNI had no other use besides voting. Now it's different; the protocol generates real income, which is then used for continuous buybacks. Once this logic is understood, the entire DeFi valuation system needs to be recalculated.

Of course, blind optimism is not advisable.
The proposal has not been finalized yet, and there is uncertainty in community voting. Once the fee-sharing is initiated, user transaction costs may rise, and competition among various DEXs will become more intense. Additionally, such a surge is usually accompanied by significant corrections, so position management must keep up.

$UNI The signal that this wave of DeFi narrative is shifting towards a "cash flow" logic is already very clear. Do you think this model can be sustained?

*The above is only a market analysis and does not constitute any investment advice.