Jack Paul 
Uniswap has recorded its largest daily burn of UNI tokens under the UNIfication mechanism, just as founder Hayden Adams renewed his bullish stance on decentralized finance and Ethereum.
Hayden Adams, who built Uniswap, posted on X that he is now “extremely bullish on DeFi and Ethereum.” He compared the current market mood to the 2018 bear market, which was actually the period when Uniswap itself launched. Back then, he said, Ethereum sentiment was at rock bottom. But builders kept working through that downturn. Those efforts, he argued, later sparked the DeFi summer of 2020.
Burn hits a new daily high
The UNI Burn Bot reported that 134,000 UNI tokens were destroyed in a single 24-hour window. That is a new daily record for the UNIfication program. The spike came one day after burn trackers showed higher activity tied to fees collected through Uniswap’s on-chain contracts.
Under UNIfication, protocol fees are first gathered and held in contracts called TokenJars. Users who want to claim those fees must burn an equal value of UNI through a smart contract known as Firepit. Once the process finishes, the burned UNI is sent to Ethereum’s 0xdead address. That removes the tokens from circulation permanently.
Uniswap Labs and the Uniswap Foundation approved the UNIfication plan in late 2025. After the proposal was announced, UNI jumped from $4.95 to $9.25 within a week, based on figures cited in the proposal’s market reaction.
Proposal 96 expands fee burns to more chains
In May, Uniswap governance passed Proposal 96. That decision expanded fee collection and UNI burns to BNB Chain, Polygon, and Celo. It brought the total number of chains using the burn mechanism to 11, including Ethereum.
This expansion matters because Uniswap now operates across more than 40 chains. Data cited by the protocol shows it holds $2.86 billion in total value locked. Ethereum accounts for $1.96 billion of that. Base holds $416 million, and Arbitrum holds $198 million.
Since its launch, Uniswap has generated $5.59 billion in cumulative fees. But the amount directed to UNI holders through the burn mechanism stands at just $14.15 million in total. Annualized fees currently sit near $882 million, according to the figures provided.
Product updates target everyday users
Uniswap Labs also announced four product updates aimed at making access easier across different chains. These include in-app wallets, cross-chain swaps, portfolio tracking, and multichain portfolio views.
The company said all four features are now live and carry zero interface fees on swaps. Uniswap Labs also noted that its internal research found 49.9% of new traders on Ethereum, Arbitrum, and Base who swapped in 2026 made their first-ever swap on Uniswap.
Despite the new burn record and product releases, UNI still trades at $2.47. The token remains more than 92% below its May 2021 all-time high of $44.97.
UNI’s market capitalization now stands at $1.54 billion, with 622.71 million tokens in circulating supply. The latest data keeps the burn mechanism at the center of Uniswap’s current token strategy. Adams’ comments, meanwhile, tie the protocol’s recent activity to a longer building cycle that he believes could eventually pay off again.