UNI's ecosystem governance reaches a critical moment. The vote on December 25th will determine whether two important proposals pass—one-time destruction of 100 million UNI tokens and the initiation of a fee capture mechanism.

From a fundamental perspective, these two actions point in the same direction: evolving from a simple governance token to an asset with real yield attributes. Burning directly reduces circulating supply, creating deflationary expectations; fee capture allows protocol revenue to be sustained through buybacks and burns.

Interestingly, within 24 hours of the voting announcement, the price performance was rather weak. Such situations are not uncommon in on-chain governance history—initially, retail investors haven't reacted to good news, while institutions may be quietly positioning. Shakeouts and accumulation are often hard to distinguish.

Competition in the DEX sector remains fierce, but a leading DEX still maintains its trading volume and ecosystem depth advantage. The narrative around the V4 upgrade still has room to be unleashed. Whether $6 is a bottom or a new starting point depends on the market's digestion of this transformation.

Of course, any on-chain project carries risks. Market trends are unpredictable, and decisions require independent research and judgment.