Which DEXs changed fee policies?

TLDR

Uniswap (UNI) is the major DEX that changed fee policies this week, activating its protocol fee switch under the UNIfication proposal and zeroing frontend interface fees on Labs UI per a governance update.

1. Uniswap v2 now routes 0.05% of the classic 0.30% swap fee to the protocol (LPs receive 0.25%) per a detailed summary.
2. Select Uniswap v3 pools on Ethereum mainnet apply protocol fees equal to 25% (for 0.01%/0.05% tiers) or 16.7% (for 0.30%/1% tiers) of LP fees as outlined here.
3. The policy links fee capture to a buyback-and-burn mechanism for UNI, with a one-time burn of 100 million UNI approved by governance in the same vote.

Deep Dive

1. Uniswap Fee Switch

Uniswap (UNI) approved and activated its long-debated protocol fee switch alongside turning Uniswap Labs interface fees to zero.

1. Governance passed the UNIfication package with ~125 million UNI yes votes, enabling protocol-level fee capture and a structured burn mechanism in a governance report.
2. v2 LP fees adjust to 0.25% with 0.05% captured by the protocol; v3 protocol fees apply proportionally by tier and can be set per pool per an implementation summary.
3. The activation followed a two-day timelock and was confirmed by multiple media updates including this analysis.

2. Value Capture and Early Revenue

The change aims to tie protocol usage directly to token value through buyback-and-burn, but early revenue looks modest.

1. Analysts estimated roughly $30,000 per day from Ethereum activity at launch, implying an ~$1122 million annual run rate across Uniswap, calling early results not promising in a market note.
2. The broader goal is sustainable value capture and deflationary pressure via periodic burns, rather than direct fee dividends in governance coverage.
3. Labs UI monetization was turned off to focus on protocol economics, consolidating incentives around the core exchange per the same governance summary.

3. Other DEX Fee Changes

No other leading DEX reported a clear fee policy change in the past week.

1. A contemporaneous governance dispute concerned Aave and CoW Swap fee routing, but that was about aggregator integration revenues, not a DEX fee policy change in a community report.
2. Perpetual DEXs drew coverage for revenue growth and market share, without specific fee policy shifts cited this week in a sector summary.

Conclusion

The headline DEX fee-policy change this week is Uniswaps activation of protocol fees and the UNI buyback-and-burn mechanism. Near-term impact depends on realized fee accrual by pool and chain. If fee capture broadens and volumes hold, this framework could influence how other DEXs align protocol economics with tokenholders.