Uniswap · UNI

Not one new UNI was created. The on-chain supply read exactly 1,000,000,000 UNI at both ends of this window — the same number it has read since launch in Sep 2020. But the mint switch is not dead: its waiting period has already passed, its ceiling is set at 2% a year, and the address allowed to pull it is the governance treasury. It has simply never been pulled. That is a live option, so this row stays watched rather than closed.

The original four-year release to team, investors and airdrop recipients finished in Sep 2024. What replaced it is the growth budget the DAO approved in Dec 2025: 20M UNI a year, paid in 5M quarterly tranches out of the governance treasury. One tranche landed inside this window — exactly 5,000,000 UNI on Jul 14 2026 — and it went to a plain wallet with no lock code on it, so those tokens are spendable from the moment they arrive. Firings so far: Jan 5 2026, Apr 10 2026, Jul 14 2026. The next one is due around Oct 14 2026, inside the forward window.

No team-controlled wallet sold into the market in this window — no public evidence of release in window, monitored. Tracked team-controlled overhangs: the governance treasury holds 267.2M UNI with no release plan beyond the growth budget; the growth wallet holds 14.0M UNI of tranches it has not spent since Feb 17 2026; two older DAO deployment vehicles hold 14.8M and 2.7M, both effectively static; the Foundation's own last published report put its holding at 15.1M; and the dormant mint switch could add about 20M a year on a single vote.

No bankruptcy estate, trustee schedule or court-ordered distribution touches UNI — no public evidence of release in window, monitored.

There is no project-run buyback wallet. Swap fees pile up in a vault that can only be opened by burning UNI, so the open-market buying is done by outside traders. Both the fee vault and the release contract were read at each end of this window and hold essentially nothing — they pass value straight through, they do not stockpile it. The tokens those traders destroy are counted once, in the burn row below.

The whole buy side, and it is real. Between May 27 2026 and Aug 25 2026 the burn address went from 104.76M UNI to 109.40M UNI — 4,640,000 UNI destroyed. Every transfer into it was pulled and added up: 1,800 separate burns from 23 different sender contracts, summing to the same 4,640,000, so this is many independent participants rather than one big movement. The destination holds no code at all, which means the tokens are gone rather than parked. The pace stepped up on Jul 27 2026 when the newest pool version and six more chains were switched on, from about 48,300 UNI a day to about 58,800, so the next 90 days are read at the higher rate rather than the blended one.

No open-market buying by the project or its foundation — no public evidence of release in window, monitored.

UNI still has no staking and no lock-to-earn contract. The 12.5M UNI that came back into the governance treasury on Jun 1 2026 is not a new lock either: those were DAO tokens sitting in delegation contracts, and the vote simply moved them home. Nothing was bought off the market and locked away in this window.