The growth budget needs to be reviewed, and it can also be seen on-chain. As long as it hasn't started selling, it is deflationary.
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#UNI $UNI Explain that the 20 million UNI is not a new issuance, but rather the latest destruction proposal where 20 million is allocated annually from the treasury to the project party for growth funds, jointly managed by the project party and DAO organization, and the on-chain voting content can be checked. Additionally, if there were any new issuances, it could have been checked on-chain long ago. In 2024 or 2025, a proposal was passed to stop the annual issuance of 2% of UNI; otherwise, the total amount would have been 1.02 - 1.04 billion this year. All the above information can be verified on-chain.
It seems that uni is a bit weak, not sure why. Since the cost switch hasn't been fully activated, during good market conditions, up to 20,000 uni are destroyed. This is indeed insignificant compared to overall market fluctuations. However, before the growth budget is sold, it at least ensures pure deflation. Keep a close eye on the growth budget wallet activity. It's worth noting that there are almost no truly deflationary legitimate projects in the market (even BTC is inflationary). If you focus solely on PE, I'd suggest not trading crypto but instead investing in stocks. From DeFi to airdrops, they have always been one of the industry leaders and have consistently shown great vision. If the Uniswap team were only after making money, they wouldn't have chosen to disable frontend fees and instead fund from the treasury. Therefore, I choose to continue trusting that they are genuinely committed to the project's development. When (and if) revenue eventually covers expenses, that will be a historic milestone. #uni $uni