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Uniswap Proposal Overview: Enable Protocol Fee Switch and Introduce UNI Burn Mechanism, Burning 1 Billion UNI from the Treasury
BlockBeats News, November 11th, Devin Walsh, Executive Director and Co-Founder of the Uniswap Foundation, and Uniswap founder Hayden Adams officially proposed a joint governance proposal aimed at establishing a long-term operating model for the Uniswap ecosystem, enabling protocol usage to drive UNI burning, and allowing Uniswap Labs to focus on protocol development and growth. The proposal mainly includes the following:
· Activate the Uniswap protocol fee switch and use these fees for UNI burning;
· Include Unichain's sorter fees in the same UNI burning mechanism;
· Establish a protocol fee discount auction to increase Liquidity Providers' (LP) earnings, while internalizing the value that originally belonged to MEV searchers;
· Introduce Aggregator Hooks, making Uniswap v4 a chain-aggregator that charges fees from external liquidity;
· Burn 1 billion UNI from the treasury, representing the approximate amount that should have been burned if the fee switch had been enabled since the protocol's inception;
· Allow Labs to focus on protocol development and growth, including fee revenue from interfaces, wallets, and APIs, and commit in contracts to engage only in projects that align with DUNI's interests;
· Migrate the ecosystem team from the foundation to Labs, collectively aiming for protocol success, with growth and development funding provided by the treasury;
· Migrate governance-held Unisocks liquidity from the mainnet's Uniswap v1 to v4 on Unichain and burn LP positions, permanently locking the supply curve.
Protocol Fee: The Uniswap protocol includes a "fee switch" that can only be activated through UNI governance voting. This proposal suggests governance activate this fee switch and introduce an automated UNI burning mechanism.
Fee Activation Plan: To mitigate impact, the proposal suggests a phased approach to activate protocol fees, starting initially with v2 pools on the Ethereum mainnet and a portion of v3 pools representing 80%-95% of LP fees, before expanding to L2, other L1s, v4, UniswapX, PFDA, and aggregator hooks.
In Uniswap v2, the fee level is hard-coded, requiring governance to uniformly activate or deactivate fees for all v2 pools at once. When fees are deactivated: LP fee is 0.3%; when fees are activated: LP fee is 0.25%, and protocol fee is 0.05%.
In Uniswap v3, the mainnet features multiple fee tiers, with the protocol fee adjustable by governance on a per-pool basis. For the 0.01% and 0.05% fee pools, the protocol fee is initially set at 1/4 of the LP fee; for the 0.30% and 1% fee pools, the protocol fee is initially set at 1/6 of the LP fee.
Unichain Sorter Fees: Despite being launched only 9 months ago, Unichain has achieved an annualized DEX trading volume of about $100 billion, with annualized sorter fees of approximately $7.5 million. This proposal suggests that all Unichain sorter fees (net of L1 data costs and 15% shared with Optimism) be burned through the UNI burn mechanism.
MEV Internalization Fee Mechanism: The Protocol Fee Discount Auction (PFDA) is designed to boost LP returns and create a new fee stream for the protocol by internalizing MEV (Miner Extractable Value).
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Sun Valley Releases 2025 Financial Report: Bitcoin Mining Revenue Reaches $670 Million, Accelerating Transformation to AI Infrastructure Platform
On March 16, 2026, in Dallas, Texas, USA, CanGu Company (New York Stock Exchange code: CANG, hereinafter referred to as "CanGu" or the "Company") today announced its unaudited financial performance for the fourth quarter and full year ended December 31, 2025. As a btc-42">bitcoin mining enterprise relying on a globally operated layout and dedicated to building an integrated energy and AI computing power platform, CanGu is actively advancing its business transformation and infrastructure development.
• Financial Performance:
Total revenue for the full year 2025 was $688.1 million, with $179.5 million in the fourth quarter.
Bitcoin mining business revenue for the full year was $675.5 million, with $172.4 million in the fourth quarter.
Full-year adjusted EBITDA was $24.5 million, while the fourth quarter was -$156.3 million.
• Mining Operations and Costs:
A total of 6,594.6 bitcoins were mined throughout the year, averaging 18.07 bitcoins per day; of which 1,718.3 bitcoins were mined in the fourth quarter, averaging 18.68 bitcoins per day.
The average mining cost for the full year (excluding miner depreciation) was $79,707 per bitcoin, and for the fourth quarter, it was $84,552;
The all-in sustaining costs were $97,272 and $106,251 per bitcoin, respectively.
As of the end of December 2025, the company has cumulatively produced 7,528.4 bitcoins since entering the bitcoin mining business.
• Strategic Progress:
The company has completed the termination of the American Depositary Receipt (ADR) program and transitioned to a direct listing on the NYSE to enhance information transparency and align with its strategic direction, with a long-term goal of expanding its investor base.
CEO Paul Yu stated: "2025 marked the company's first full year as a bitcoin mining enterprise, characterized by rapid execution and structural reshaping. We completed a comprehensive adjustment of our asset system and established a globally distributed mining network. Additionally, the company introduced a new management team, further strengthening our capabilities and competitive advantage in the digital asset and energy infrastructure space. The completion of the NYSE direct listing and USD pricing also signifies our transformation into a global AI infrastructure company."
"As we enter 2026, the company will continue to optimize its balance sheet structure and enhance operational efficiency and cost resilience through adjustments to the miner portfolio. At the same time, we are advancing our strategic transformation into an AI infrastructure provider. Leveraging EcoHash, we will utilize our capabilities in scalable computing power and energy networks to provide cost-effective AI inference solutions. The relevant site transformations and product development are progressing simultaneously, and the company is well-positioned to sustain its execution in the new phase."
The company's Chief Financial Officer, Michael Zhang, stated: "By 2025, the company is expected to achieve significant revenue growth through its scaled mining operations. Despite recording a net loss of $452.8 million from ongoing operations, mainly due to one-time transformation costs and market-driven fair value adjustments, the company, from a financial perspective, will reduce its leverage, optimize its Bitcoin reserve strategy and liquidity management, introduce new capital to strengthen its financial position, and seize investment opportunities in high-potential areas such as AI infrastructure while navigating market volatility."
The total revenue for the fourth quarter was $1.795 billion. Of this, the Bitcoin mining business contributed $1.724 billion in revenue, generating 1,718.3 Bitcoins during the quarter. Revenue from the international automobile trading business was $4.8 million.
The total operating costs and expenses for the fourth quarter amounted to $4.56 billion, primarily attributed to expenses related to the Bitcoin mining business, as well as impairment of mining machines and fair value losses on Bitcoin collateral receivables.
This includes:
· Cost of Revenue (excluding depreciation): $1.553 billion
· Cost of Revenue (depreciation): $38.1 million
· Operating Expenses: $9.9 million (including related-party expenses of $1.1 million)
· Mining Machine Impairment Loss: $81.4 million
· Fair Value Loss on Bitcoin Collateral Receivables: $171.4 million
The operating loss for the fourth quarter was $276.6 million, a significant increase from a loss of $0.7 million in the same period of 2024, primarily due to the downward trend in Bitcoin prices.
The net loss from ongoing operations was $285 million, compared to a net profit of $2.4 million in the same period last year.
The adjusted EBITDA was -$156.3 million, compared to $2.4 million in the same period last year.
The total revenue for the full year was $6.881 billion. Of this, the revenue from the Bitcoin mining business was $6.755 billion, with a total output of 6,594.6 Bitcoins for the year. Revenue from the international automobile trading business was $9.8 million.
The total annual operating costs and expenses amount to $1.1 billion.
Specifically, they include:
· Revenue Cost (excluding depreciation): $543.3 million
· Revenue Cost (depreciation): $116.6 million
· Operating Expenses: $28.9 million (including related-party expenses of $1.1 million)
· Miner Impairment Loss: $338.3 million
· Bitcoin Collateral Receivable Fair Value Change Loss: $96.5 million
The full-year operating loss is $437.1 million. The continuing operations net loss is $452.8 million, while in 2024, there was a net profit of $4.8 million.
The 2025 non-GAAP adjusted net profit is $24.5 million (compared to $5.7 million in 2024). This measure does not include share-based compensation expenses; refer to "Use of Non-GAAP Financial Measures" for details.
As of December 31, 2025, the company's key assets and liabilities are as follows:
· Cash and Cash Equivalents: $41.2 million
· Bitcoin Collateral Receivable (Non-current, related party): $663.0 million
· Miner Net Value: $248.7 million
· Long-Term Debt (related party): $557.6 million
In February 2026, the company sold 4,451 bitcoins and repaid a portion of related-party long-term debt to reduce financial leverage and optimize the asset-liability structure.
As per the stock repurchase plan disclosed on March 13, 2025, as of December 31, 2025, the company had repurchased a total of 890,155 shares of Class A common stock for approximately $1.2 million.
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