Uniswap (UNI) Burn

The 0x…dEaD wallet on Ethereum holds 110,077,580 UNI, exactly 1B minus CoinGecko's total supply — 11.0% of max supply. Three layers: 100,000,000 UNI arrived in ONE transaction on 27 Dec 2025, worth $596.7M at $5.97 — the retroactive burn UNIfication framed as making up for fees that would have been burned had the switch been on earlier (many reports say "January 2026"; on-chain it is 27 Dec); 9,956,000 UNI burned continuously from 29 Dec 2025 to 1 Sep 2026 by protocol-fee purchases — the ledger rebuilds each day via Dune and the total closes to the dead-wallet balance to the token; and roughly 94k UNI of pre-existing dust in the dead wallet (mistaken sends, old contracts). The second layer is the actual "burn engine" — the daily table on this page measures exactly that.

By month (protocol revenue → UNI burned, average purchase price): Jan 2026 $2.84M → 532k ($5.04); Feb $3.18M → 864k ($3.54); Mar $4.58M → 1.04M ($3.70); Apr $4.50M → 1.37M ($3.24); May $3.85M → 990k ($3.45); Jun $5.11M → 1.78M ($2.79 — the cheapest); Jul $4.38M → 1.22M ($3.60); Aug $8.88M → 2.08M ($4.07) — the record month for both revenue and UNI burned, double July. Eight months together: $37.3M revenue, $35.7M spent, 9.96M UNI, average $3.59 — 39% below the early-September-2026 price of $5.85, so the UNI bought with that $35.7M was worth $58M at that price.

The spend ratio (USD bought ÷ revenue) holds at 84–100% every month, meaning nearly all protocol fees are converted to burned UNI within the same month, with nothing accumulating in a vault. Fill cadence rises steadily: 135 fills in January, 353 in March, 665 in June, 860 in August — not a single zero day in eight months. The stream's biggest day was 14 Jul 2026 (270k UNI, $990k), then 16 Jun (238k) and 8 Aug (236k); the top revenue day is 1 Sep 2026 at $611k. One detail the ledger records but cannot yet explain: daily burn amounts are almost all multiples of 4,000 UNI (4,000, 8,000, 12,000…), a sign that fees are sold for UNI in fixed lots — the ledger has not read the contracts to confirm.

Protocol revenue is a thin slice of the total swap fees LPs earn: per DefiLlama, total v2 + v3 + v4 fees over the first eight months of 2026 were $465M, of which the protocol kept $37.3M — 8.0%, ranging from 5.7% (January) to 11.6% (June). The switch is on for only some pools, so this sits below the 1/6–1/4 of LP fees the v3 code allows. The fee mix is shifting: in August 2026 v4 earned $57.3M in fees, passing v3 ($43.2M) for the first time in the ledger's series, with v2 down to $3.4M; the three versions' $104M in August is the highest since October 2025 ($133M) — protocol revenue doubled in August partly because markets reheated and partly because v4's share grew. Before 27 Dec 2025 the ledger's revenue column reads zero across 18 months of data — not an error, but five years of Uniswap keeping none of its fees.

UNI has no unlock schedule left: the four-year vesting for team, investors and advisors ended in September 2024, so the empty unlock column on this page is correct. But total supply of 890.5M against 623.2M circulating leaves roughly 267M UNI in the DAO treasury — this ledger's unpacking of the two CoinGecko figures — 27 times the last eight months' burn, spendable by governance at any time by vote. Since September 2024 governance also holds the right written into the token contract to mint up to 2% of supply a year (about 17.8M UNI); no proposal has triggered it, but it is a potential issuance larger than the current burn pace: 9.96M in eight months annualises to 14.9M, 1.7% of total supply; August's pace alone annualises to 24.9M, 2.8%.

Price: a high of $44.92 on 2 May 2021, a low of $1.03 on 16 Sep 2020 (token launch day); in early September 2026 UNI was around $5.85, still a long way from the high. The $597M burn on 27 Dec 2025 at $5.97 did not hold the price: the burn stream's average purchase price fell to $2.79 in June 2026 before recovering to $4.07 in August and around $5.85 in early September. The ledger assigns no cause; it only notes that the burn engine bought cheapest exactly when the market was worst — the nature of every revenue-funded buyback.

Total burn: the 0x…dEaD balance on Ethereum, matching 1B − CoinGecko total supply. Daily table: every UNI transfer into the dead wallet rebuilt via Dune (query 8549112), the total closing to the dead-wallet balance to the token (checked 31 Aug 2026); USD bought = UNI burned × the day's closing price (Binance UNIUSDT), so an estimate rather than actual fill prices; the "fills" column is the number of transfers into the dead wallet that day. Revenue = DefiLlama dailyRevenue for uniswap-v2 + v3 + v4 (the protocol's retained share, excluding LP fees); total LP fees for the retention ratio come from dailyFees on the same three slugs. The "30-day revenue" figure in the status block is total fees, not protocol revenue — this article uses the daily table. No unlocks (vesting ended Sep 2024). Price, market cap, ATH/ATL, supply: CoinGecko.