Uniswap burns 38,000 UNI in a day, yet price drops 8.4%
- —16 transfers to the burn address in 24 hours: 38,000 UNI, roughly $308,000
- —The burn equals 0.0061% of circulation; at that pace, 2.2% a year
- —Total at the burn address is 112.6 million UNI, or 11.26% of total supply
- —Of that, 100 million came from a one-off retroactive treasury burn
Why it matters: The case shows UNI's deflationary mechanism is still too small to offset market moves and leveraged positioning.
Source: CryptoTicker