I found this Uniswap vote that took place in March very interesting. The proposal was to activate the fee switch on eight Layer 2s - Base, Arbitrum, OP Mainnet, and others - so that part of the fees charged to LPs would be directed to a pool where UNI holders can redeem tokens equivalent to what was burned. Basically, the more fees generated, the more UNI investors can withdraw.

What caught the most attention was Base's performance. Since 2026, the chain has surpassed even Ethereum in fee generation for Uniswap - with $55 million in fees. To give an idea, the fee switch on Ethereum mainnet (v2 and some v3 pools ), which has been active since last December, generated only $3.3 million in total. The difference is staggering.

The expectation was that this would double or more the yields for LPs when the fee switch was activated on these Layer 2s. But look, UNI didn't follow the hype as expected. After the vote, the token dropped in recent days - down 3.58% over 7 days, quite different from the 9% pump that initially occurred. Bitcoin and Ethereum also declined in the same period, so the whole market is more cautious.

Anyway, this expansion of the fee switch shows that Uniswap is seeking to generate more value for holders even with increasing competition on Layer 2s. Base remains the platform's gold mine.