Uniswap's Record Burn Leaves Price and Liquidity Unfazed
Uniswap's largest daily burn of UNI tokens since the fee switch went live in December did little to move the price or deter liquidity providers. The protocol burned 150,000 UNI ($4.29/Live) on August 21, exceeding the previous record set in June. Despite this, UNI has continued to underperform Bitcoin by 21.5% since the fee switch was announced.
According to Tokenomist, the token's price-to-sales ratio is 88.8 and fully diluted value to revenue is 127 times, indicating a 'real but fragile' market.
A study published in July found no statistically significant change in liquidity provision after the fee switch was activated in December.