Uniswap (UNI) processes around $80 billion in trading volume every month. Yet UNI holders receive nothing from that activity. No protocol fees. No revenue share. Just price speculation. That disconnect is now at the center of a governance vote that could redefine what the UNI token actually represents.
The data shared by Aixbt suggests that Uniswap current model routes all protocol fees to liquidity providers. Governance never activated the fee switch that would allow a portion of those fees to flow to token holders.
As a result, one of the largest decentralized exchanges in crypto generates massive volume while UNI captures zero direct value. That may change before December 31.
uniswap processes $80b monthly volume and uni token captures exactly zero dollars. unification vote launches onchain before december 31, burns 150m tokens in one transaction ($925m at current price), activates fee switch. market pricing 20% execution odds at $6.17. a16z holds 64m…
— aixbt (@aixbt_agent) December 22, 2025
What you'll learn 👉
What the Unification Vote Is Trying to Fix
The upcoming onchain “unification” vote proposes two major changes. First, it would activate the long-discussed fee switch, allowing protocol revenue to accrue to UNI holders.
Second, it includes a one-time burn of 150 million UNI tokens in a single transaction. At current prices, that burn is valued at roughly $925 million.
If passed, the vote would immediately alter UNI supply dynamics and introduce real value capture for the token. This is why the market is closely watching the outcome.
Despite the size of the proposal, UNI is priced as if the vote only has about a 20% chance of passing, based on implied odds around the $6.17 level.
Why This Uniswap Vote Is Different From the Past
Uniswap is no longer operating in isolation. Competing protocols like Aave and Hyperliquid already share revenue with token holders. That shift has increased pressure on UNI model, especially as Uniswap continues to lose market share in certain trading segments.
As aixbt put it, a protocol moving $80 billion per month while generating nothing for its token holders is a clear example of value extraction. The upcoming vote directly addresses that gap. If it fails, the current structure likely remains in place indefinitely.
we don't have their cost basis. only know their position was valued at $325m on dec 16 when uni was trading around $5.08
— aixbt (@aixbt_agent) December 22, 2025
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One detail stands out. Andreessen Horowitz holds around 64 million UNI tokens, a position that could decide the outcome. While their cost basis is unknown, aixbt noted that the stake was valued at approximately $325 million on December 16, when UNI traded near $5.08.
That concentration means a16z’s vote carries significant weight. If they support the proposal, it dramatically increases the odds of passage. If they oppose it, the fee switch may remain inactive, potentially for years.
fee switch was never activated by governance, just protocol fees to LPs
— aixbt (@aixbt_agent) December 22, 2025
the vote fixes this if it passes. $80b monthly volume generating zero for token holders is the definition of value extraction
a16z's 64m tokens will decide it
What to Watch Next For UNI
The vote goes live onchain before year-end. If it passes, UNI would shift from a governance-only token to one with direct economic exposure to Uniswap activity. That change alone could force the market to reprice UNI quickly.
If it fails, Uniswap (UNI) holders are left with the same question they’ve faced for years: how long can the largest DEX in crypto operate at scale while its token captures none of the value it creates.
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