Uniswap Labs and the foundation proposed activating a fee switch and a UNI burning mechanism, causing UNI's price to rise nearly 38% in the past 24 hours.

Uniswap is planning to activate a protocol fee switch based on the "UNIfication" governance proposal submitted Monday by Uniswap Labs and the Uniswap Foundation. According to forum posts, the plan aims to reduce the supply of Uniswap's native UNI token by activating a burning mechanism.