The fundamentals and underlying logic of #我在Gate广场过新年 $UNI have already changed.

Once the protocol revenue burn switch of UNI is turned on, the income earned by the protocol will be used to buy back and burn UNI on the secondary market through an automated mechanism. In the future, it's not just about people using the protocol, but people using the protocol = someone paying for UNI.
This step is equivalent to transforming UNI from a governance token used solely for voting into an asset supported by cash flow with a deflationary logic. Previously, UNI was more about having a voice; now it begins to have yield anchoring.
Uniswap used to be like a free large marketplace, where the platform only provided the venue and maintained order, and the market makers (LPs) were the ones truly earning the trading fees. The platform itself didn’t take a cut, so UNI naturally didn’t get a share of the profits.
Now it’s different. The marketplace will decide to take a portion of management fees, and instead of distributing dividends, this money will be used to buy back its own shares, UNI, on the market and burn them. Circulation decreases, chips tighten, and in the long run, this means value is flowing back.
The core of this change isn’t about short-term price fluctuations but about the model shifting—from a pure governance narrative to value capture through cash flow + deflation.
That’s why I say the fundamentals and underlying logic of UNI have already changed. Of course, many people now will criticize, “What’s the use of changing? The price still crashes to the ground.” For such shortsighted people, I usually don’t bother engaging. It’s a bear market, BTC is falling, and you still expect UNI to move independently? That’s just nonsense. This change in UNI’s fundamentals at least allows me to confidently accumulate during the bear market for the next bull run. There aren’t many valuable altcoins in this market, and UNI is one of them.