The Uniswap fee switch is momentous. For years, the $UNI token has been a valuation overhang for all of DeFi. Uniswap is the highest mindshare app in crypto and the clearest winner in DeFi history and yet, because it did not have this one thing, there was never a reason for serious investors to get excited about it. Now it has this one thing. They pulled out all the stops for this announcement - a direct fee switch, a clear roadmap, a wind down of the Labs entity, and even a retroactive burn. The story can probably still evolve meaningfully from here. A complete 180 which deserves a full sentiment rerating. Wouldn’t be a stretch to call this the biggest protocol proposal of all time. We are finally able to get excited about the $UNI token. I don’t think this one is going to be as simple as sell the news. This is probably the most pitch-able asset alongside $HYPE to a whole list of potential buyers who want liquid exposure to onchain fundamentals.