UNIfication

By voting “For” on this Snapshot, you are signaling support for the proposal summarized below and detailed in the forum.

TL;DR

Uniswap Labs and the Uniswap Foundation have created a joint proposal that activates the protocol fee and aligns incentives across the Uniswap ecosystem.

We propose:

1. Turning on Uniswap protocol fees and using these fees to burn UNI
2. Sending Unichain sequencer fees to this same UNI burn mechanism
3. Building Protocol Fee Discount Auctions (PFDA) to increase LP returns and allow the protocol to internalize MEV
4. Developing aggregator hooks, turning Uniswap v4 into an onchain aggregator that collects fees on external liquidity
5. Burning 100 million UNI from the treasury, representing the approximate amount of UNI that would have been burned if fees were on from the beginning
6. Focusing Labs on driving protocol development and growth, including turning off Labs’ interface, wallet, and API fees, and contractually committing to only pursue initiatives that align with DUNI interests
7. Moving ecosystem teams from the Foundation to Labs, with a shared goal of protocol success, with growth and development funded from the treasury
8. Migrating governance-owned Unisocks liquidity from Uniswap v1 on mainnet to v4 on Unichain and burning the LP position, locking in the supply curve forever

Legal Disclaimer
Labs’ focus on driving protocol development and growth along with other contractual commitments will be outlined under the service provider agreement (SPA) between DUNI and Uniswap Labs. If this Snapshot vote is successful, it explicitly authorizes a special independent committee of the Uniswap Foundation, as Ministerial Agent to DUNI, to negotiate the full SPA based on the draft letter of intent. This independent committee composed of Ben Jones, co-founder of Optimism and Chief Scientist of the Optimism Foundation (disclosure: Unichain is built on the OP Stack and a part of the Optimism Superchain), and Hart Lambur, co-founder of the Across Protocol and UMA Protocol, will be appointed by the Foundation to lead negotiations on behalf of DUNI. The final negotiated agreement will be provided prior to the full onchain vote and executed by DUNI upon its passing. A successful onchain vote would also constitute DUNI’s agreement to indemnify the independent committee and its members. An indemnification agreement would be provided at the time of the onchain vote for DUNI review and approval, along with the fully negotiated SPA. We recommend everyone read the proposal in full. The summary above is intended to provide a high-level overview of key points in the proposal, and is not a substitute for reading the full proposal.