BitMEX Co-founder Arthur Hayes Buys $1.73 Million in UNI Tokens

Arthur Hayes, co-founder of BitMEX, has purchased $1.73 million worth of UNI tokens through an over-the-counter (OTC) deal with Flowdesk.

The purchase consists of 244,406 UNI tokens and is a significant move by Hayes after he exited other crypto positions in recent times.

Hayes' decision to buy UNI tokens comes amid Uniswap's expansion of its protocol-fee system that burns UNI tokens, reducing supply and potentially increasing the token's value.

The mechanism, active since late 2023, links fee collection to token burning, providing a new economic incentive for holders of UNI tokens.