Uniswap

UNI holders have no individual or pro-rata claim on protocol revenue; value reaches them only through the burn mechanism or other mechanisms governance may approve.

“UNI holders have no individual or pro-rata claim on protocol revenue; value accrual is mediated entirely through this burn mechanism and any other distribution mechanism governance may subsequently authorize.”

In August 2025 the Uniswap Foundation proposed a Wyoming-registered DUNA (DUNI) as the legal structure for Uniswap governance.

“In August 2025, the Uniswap Foundation proposed that Uniswap Governance adopt a Wyoming-registered Decentralized Unincorporated Nonprofit Association (DUNA) as the legal structure for the Uniswap Governance protocol.”

Any UNI holder can become a governance delegate.

“Any UNI holder can become a delegate by going through the delegation process.”

Since December 2025, protocol fees across Uniswap's products are used to burn UNI.

“Since December 2025, protocol fees collected across Uniswap's products are used to burn UNI, reducing its total supply over time.”

Governance may mint up to 2% of total supply a year but has not done so.

“Governance has authority to mint up to 2% of total supply annually but has not exercised this to date.”

UNI holders collectively manage and upgrade the Uniswap protocol through governance.

“Uniswap Governance is a system that allows holders of the UNI token to collectively manage, upgrade, and steer the future of the Uniswap protocol.”