Uniswap Proposes Protocol Fee Switch On Eight Chains, Enters Voting Phase

BlockBeats News, February 28th, the Uniswap community has initiated a vote on enabling the Protocol Fee Switch on eight chains, including Base, Arbitrum, Optimism (OP Mainnet), World Chain, X Layer, Celo, Soneum, and Zora.

The activation fee switch proposal aims to divert at least one-sixth of the transaction fees on the mentioned networks from the liquidity providers' revenue and distribute it to holders through the burning of an equivalent amount of UNI. Ethereum Mainnet v2 and some v3 pools have already launched fee sharing since the end of last year, generating approximately $3.3 million in revenue. This proposal also plans to cover the remaining v3 pools on Ethereum. The final voting on these two matters will end on March 4th.