The treasury pays out UNI; trading fees burn most back.
UNI is the governance coin of Uniswap: 624.94M coins circulate, about 70% of all UNI. The other 262.25M sit in the DAO treasury.
Sell pressure. The treasury pays Uniswap Labs a growth budget of 5M UNI a quarter: 10M UNI in these 90 days, and 5M more on Jan 1 2027. No new UNI was minted.
Buy pressure. Trading fees pay people to burn UNI: 5.79M UNI destroyed in 90 days, plus 113K sent back to the treasury.
Net. Net, supply grew about 0.65%; at today's price we expect about 0.06% next.
No new UNI was made: total supply sat at exactly 1B at both ends of the window. Governance still holds the right to mint up to 2% a year (about 20M UNI), but it has never used it and no vote proposes it.
The treasury pays a growth budget of 5M UNI each calendar quarter to a Uniswap Labs wallet through a vesting contract. Two payments landed in this window, on Jul 14 and Oct 1 2026. The next 5M opens on Jan 1 2027, and 20M more are approved for the coming year.
The governance treasury holds 262.25M UNI, the only coins counted outside the float. Apart from the growth budget, nothing left it in this window. The Labs wallet that receives the budget, the airdrop claim contract (12.5M UNI) and other team wallets are already counted as circulating.
No bankruptcy estate, trustee or long lock is releasing UNI. The investor and team vesting from launch ended in 2024.
Trading fees collect in vaults on 13 chains. To empty a vault, someone must destroy 2,000 or 4,000 UNI, so fee money keeps buying UNI and burning it. The burn address received 5,794,001 UNI in this window, worth about $32.4M when burnt. Fees jumped after v4 pools and Robinhood Chain joined on Jul 27 2026, but UNI's price doubled, so each dollar now burns fewer coins: we expect about 4.63M next.
The protocol never burns its fees directly. Fees are paid out to whoever burns UNI to claim them, which is counted once, in the buyback above.
On Jul 30 2026 a governance-linked wallet sent 113,138 UNI back to the treasury, part of it bought in the market the day before. It is the only such return in the window and has no schedule, so we expect none next.
UNI has no staking lock. Coins held for voting stay in holders' wallets and count as circulating.
Two sides: how much people want UNI right now, and how much buying could come later.
This part is based on social media. It shows how hot UNI is right now. A better rank means more people are talking about it.
Today, people are talking about UNI for two reasons:
CME, the big US futures market, plans to list UNI futures on Oct 19 2026, with a standard size of 10,000 UNI and a small size of 1,000 UNI. UNI rose about 8% in a day ahead of the start, then gave some of it back. People ask if big funds will now trade UNI, and if that can lift the price.
Uniswap said Unichain is moving to OP Enterprise: the test network moved on Oct 13 2026 and the main network follows on Oct 29 2026. Apps, balances and the Uniswap v2, v3 and v4 contracts stay the same. People ask if this means faster links to other chains, and what Uniswap gives up.
Checked Oct 14 2026
By the law of supply and demand, Uniswap's long-run signal is positive (Oct 15 2026, score 8/10). New supply: +0.06% in the next 90 days. Demand: strong (4/5). Uniswap's price drivers: 1 ▲ price up, 1 ▼ price down.
Votes and futures likely help. Since Dec 25 2025, every DAO vote has only widened the fee switch, and CME starts UNI futures on Oct 19 2026. The catch is the DAO treasury, which holds about 260M UNI and keeps paying some out. For Uniswap, the supply-and-demand signal is positive right now.
Uniswap's signal is positive for now. Uniswap's signal would turn if new supply jumps (today +0.06% in 90 days), or demand falls from strong, or DAO treasury keeps pointing down. The next date on Uniswap's calendar: Oct 19 2026 — CME UNI futures start.
Uniswap sits at 8/10 today (Oct 15 2026): supply 4/5, demand 4/5. One more year adds +0.20% to Uniswap's supply. Long-run signal: positive.
By the law of supply and demand, the better time to buy Uniswap is when its new supply is low, demand is high and its price drivers point up. Uniswap today: +0.06% new supply in 90 days (tight), demand strong (4/5), drivers 1 ▲ / 1 ▼.
Right now 3 things drive Uniswap's price (1 ▲, 1 ▼). ▼ DAO treasury: DAO treasury holds roughly 260M UNI and keeps paying some out. ▲ Fee switch votes: Since Dec 25 2025, DAO votes have only widened the fee switch. • ETF and futures: CME UNI futures start Oct 19 2026; the ETF is still pending.
Side by side on Oct 15 2026: Uniswap at 8/10 with a positive signal, Bitcoin at 8.5/10 with a positive signal. By supply and demand, Uniswap is the weaker of the two.
Every answer here applies basic economic theory — the law of supply and demand — to this coin's data. It is not financial advice. How we read every coin →
We look at two things, half each: supply and demand. Fewer new coins mean less selling pressure. A meme coin scores 1.5 at most on supply: its team got its coins for free, so no new supply does not make it safe. We also show each coin's age, with a warning when it is younger than 1 year. Demand looks at how much people want the coin now and how much buying could come later. Price Drivers (Beta) are the 2 or 3 things that can move one coin's price that supply and demand miss; they have no score. UNI supply grows +0.06% in the next 90 days, so it shows in red: more UNI reaches the market than is removed. Zero or falling supply is always green, any growth is red.
One email before each big supply event, and the day our verdict changes. Nothing else. You can watch 2 coins for free.
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