Uniswap · UNI
The largest on-chain DEX, now burning its token from swap fees
The largest on-chain DEX and a deflationary supply now that swap fees burn UNI — but the token itself is governance-only, so there's no real must-hold reason to own it.
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UNI · fee-switch burn now offsets nearly all new supply.
UNI is the governance token of Uniswap, the largest on-chain DEX — 1B genesis supply, ~621M circulating, fully unlocked since 2024.
Sell pressure. No protocol minting has ever fired; the only live add is the 20M UNI / year growth budget — about 5M UNI into the float this window.
Buy pressure. The UNIfication fee switch burned ~4.09M UNI from swap-fee revenue over 90 days — confirmed on-chain.
Net. Add and burn nearly cancel, leaving the float ~0.15% inflationary over 90 days — effectively flat.
- Growth-budget quarterly vest+5M UNIOct 1 2026 · added to market
The UNI contract carries a 2% annual minter that became unlockable after September 2024 — governance has never called it. On-chain total supply still reads its 1B genesis figure: no new UNI has ever been minted.
The original 4-year team / investor / airdrop / liquidity vesting finished in 2024. The only live schedule is the 20M UNI / year growth budget, paid quarterly from the treasury via a vesting contract since January 2026 — about 5M UNI enters the active float in this window.
The DAO governance treasury holds ~272.1M UNI; on Jun 1 2026 a vote returned 12.5M previously-delegated UNI back into that treasury. No discretionary sell to market was observed in the window beyond the scheduled growth budget in Sell #2.
No bankruptcy estate and no long-term lock release tied to UNI.
There is no separate buyback wallet. The fee switch routes swap-fee value into the burn path directly, so the removal shows up in Buy #2 rather than as buy-and-hold accumulation.
The UNIfication fee switch (live since December 2025) collects swap-fee revenue in TokenJar; that value can only be claimed by burning an equal value of UNI through the Firepit contract, which sends the UNI to the dead address. The dead address grew ~4.09M UNI over the window — verified on-chain — with a record single day near 134K UNI in early June.
No accumulation programme separate from the fee-switch burn; the Foundation does not buy UNI on the open market.
No new long-term lock programme; the deflationary force is the burn, not a fresh supply lock.
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