Speaking of UNI's evolution, from the initial high expectations as a leading DEX to later being reduced to a "voting tool," many long-term holders have experienced this journey. I still remember early buyers of UNI, who once were full of hope for this project—after all, as the governance token of a top-tier DEX, the prospects seemed promising. But what happened? It was always endless voting proposals, fee adjustments in one round, ecosystem upgrades in another, and after all the fuss, holders found they gained nothing. Over time, everyone's enthusiasm for UNI naturally cooled down, and the token's price performance became increasingly disappointing.

However, recently, this move to burn 100 million tokens might change the game. This is not just a numerical reduction; it reveals the Uniswap team's determination to fundamentally change the rules of the game. They are sending a strong signal to the market: UNI aims to evolve from a purely "governance token" into a token that can truly "capture value."

So, what's the key? It involves the core issue of token economics. Whether a token has real value depends on whether it can share the project's growth dividends. Previously, UNI's dilemma was that all the project’s profits went to liquidity providers, and token holders didn't enjoy any benefits. After burning 100 million tokens, the logical chain might be: project profits → buyback of UNI → burn or distribute dividends. Only then can holders truly benefit from the project's growth.

This shift in thinking means UNI is gradually moving away from an awkward position of "obligations without rights" toward a more sound token economic model. Comparing it to those leading tokens with real value capture ability, UNI's move this time clearly aligns in that direction. If subsequent measures like buyback dividends are introduced, UNI's story might just be beginning.