#Uniswap费用机制升级 When I saw this news, the first thought that flashed through my mind was: this is very much like certain moments in 2017.

I still remember Binance burning BNB back then, and how intense the market’s reaction was to such actions. Years later, Uniswap has chosen to burn 100 million UNI tokens, worth nearly $600 million. The logic behind this is quite clear—using a deflationary mechanism to reshape token value expectations. But what’s truly interesting isn’t the burn itself, but what it reveals about the current situation.

Remember when Uniswap launched V3? The unstoppable momentum, fee tiers, and capital efficiency innovations once made us think the future of DEXs was set. But over the years, ecosystem splits, intensified liquidity competition, and emerging new trading pairs have made V3 seem somewhat “burdened,” despite its strength. Now, turning on fee switches, allowing LPs to earn more, and using burns to maintain token value—these are essentially old tricks being used to tackle new challenges.

I’m not pessimistic; on the contrary, I find this very realistic. Every successful project, at some stage, faces this question: continue innovating or optimize what already exists? Uniswap’s approach—letting the foundation make concessions and returning value to LPs and token holders—is actually a sign of maturity. No project can grow exponentially forever; knowing when to adjust is the wisdom that allows longevity.

Looking back over more than a decade of bull and bear cycles, the projects that have truly survived are often not because of astonishing innovations each time, but because they made the right choices at critical moments.