The Uniswap protocol fee switch, “UNIfication,” is set to go live this week after reaching the 40 million vote threshold. 62 million votes have been cast in favor of the governance proposal, which includes burning 100 million UNI tokens from the treasury and implementing a Protocol Fee Discount Auctions system.

UNI token price rose 25% since voting opened, currently trading at $6.08. UNI saw a 40% rally in early November due to the UNIfication proposal. Uniswap, the largest decentralized exchange, has processed over $4 trillion in trading volume since 2018, with UNI ranking 39th by market cap at $3.8 billion.

Notable supporters of the UNIfication proposal include Jesse Waldren, Kain Warwick, and Ian Lapham. Only 0.001% of votes have opposed the proposal, with over 1.5 million votes abstaining. The Uniswap Foundation will continue issuing grants for protocol development and growth, with plans to distribute 20 million UNI tokens.

The Uniswap Foundation remains committed to supporting builders with a Growth Budget of 20 million UNI tokens to improve protocol development and growth. The proposal has garnered significant support from crypto heavyweights and voting is set to close on Christmas Day.

Read more at CoinTelegraph: Uniswap Fee Switch Set to Take Effect Before New Year