Why destruction fails to reflect the price of UNI: 38,000 UNI pieces destroyed in a single day only

销毁在运行，价格却在下跌：UNI通缩机制的真相

尽管销毁程序正在运行，但UNI的价格依然持续走低。在过去24小时内，有38,000枚UNI被发送至Uniswap的销毁地址，从而永久退出流通。然而在同一时期，其价格却下跌了8.4%。对于任何将稀缺性视为价格上涨驱动因素的人来说，这一天给出了完全相反的答案。

归根结底，这是一个关于规模的问题。（注：本文基于2026年10月7日的数据分析）该分析基于以太坊上UNI合约向销毁地址的转账记录；我们考察了过去24小时内的16笔转账以及该地址的总持仓量。这些数据重塑了对这种“通缩代币”的认知。

10月7日UNI市场数据回顾

截至10月7日，UNI价格为8.11美元（约合7.22欧元）。当日美元计价跌幅为8.4%，欧元计价跌幅为8.6%，这是前25大加密资产中最大的单日波动。相比之下，比特币下跌约1.7%，以太坊下跌3.4%，Cardano下跌5.5%。过去七天内，UNI累计下跌7.5%。

目前UNI市值为50.7亿美元，排名第24位。过去24小时交易量为6.9亿美元，流通供应量为6.251亿枚。

There were no specific triggers for Uniswap itself that day: no hacking, no removal, no litigation, and no protocol failures. Price fluctuations are mainly affected by overall market weakness and position adjustments of leveraged traders. This is more honest than any explanation fabricated afterwards.

38,000 UNIs were destroyed in 24 hours: Measurement of destruction address

In the Uniswap system, destroyed tokens are still accounted for as part of the total supply and are transferred to an address where no one holds the private key. All tokens entering this address are considered lost in practice, and these inflows can be accurately counted.

In the past 24 hours, there have been 16 transfers, totaling 38,000 UNIs. At today's prices, this is equivalent to approximately $308,000 or 274,000 euros.

What is worth noting is the uniformity of the data. Of the 16 transfers, 13 were exactly 2,000 UNIs, and the remaining 3 were exactly 4,000 UNIs. There were no scattered amounts. This is no coincidence, nor is it a behavioral characteristic of retail investors who destroy tokens out of faith. Instead, it is a hallmark of a standardized process, always using the same denomination for settlement.

TokenJar and Firepit: Fee extraction is only based on the destruction of UNI

Behind these uniform amounts is a structure described by Uniswap in its "UNIFcation" proposal. Two smart contracts are interconnected:

• TokenJar: Immutable contract on the blockchain where agreement fees are accumulated. Every fee charged in the agreement will be deposited into it until someone collects it.
• Firespit: A contract that binds collection behavior to conditions. Fees can only be withdrawn from TokenJar by destroying UNI in Firepit. Therefore, anyone who wants to collect the accumulated fees must first destroy their own tokens.

The resulting deal is a transaction, not a sacrifice. The recipient forgoes the UNI in exchange for the corresponding value in TokenJar. This process makes economic sense only when the value of the fee received is higher than the value of the token destroyed. The emergence of fixed step sizes (2,000 and 4,000 UNIs) conforms to the characteristics of the automatic settlement process, that is, once the mathematical calculation is established, the process is automatically executed.

The destruction site holds 11.26 million UNI: 11.26% of the total supply

The total supply of UNI is 1 billion. As of October 7, 2026, the destruction site held 112,641,581 UNIs, accounting for 11.26% of the total supply. If compared with the actual circulation of 625.1 million pieces, the proportion is about 18%. Based on the current day's price, the value of this position is approximately US$910 million.

This number sounds very large, but it can easily be misleading if you don't understand its source.

Retroactive destruction: The vast majority of the 100 million UNI

holdings from the treasury came from a single incident. Uniswap described a retrospective destruction in its proposal, destroying 100 million UNIs from its treasury as compensation for assumed charges that have been accrued since the token was issued. This is a one-time operation, not a continuous supply reduction.

After excluding these 100 million pieces, the remaining approximately 12.64 million pieces of UNI were accumulated at this address. This is the amount actually collected by the current operating mechanism. Compared with circulation, this only accounts for about 2%.

This distinction is crucial to valuation. A one-time write-off from the project party's own treasury will only change the circulating supply once. Continued destruction will change the supply slightly every day. Conflating the two confuses past records with future expectations.

Destruction rate relative to circulation: 0.0061% per day

The 38,000 UNIs measured that day are equivalent to 0.0061% of the circulation supply. If projected for the whole year at this rate (assuming constant change), it would be approximately 13.9 million UNIs, or 2.2% of the circulation. This extrapolation is a one-day projection rather than a forecast; the actual speed depends on the fees charged by the agreement, which in turn fluctuates with transaction volume.

Nevertheless, this number provides a reliable reference for magnitude. A reduction of approximately 2% per year is not trivial for a token. But on the day, this was in sharp contrast to the 8.4% price change that occurred over a 24-hour period. Comparing the daily destruction volume to the daily price change, the ratio is approximately 1:400.

v2 and v3 protocol fees: Where do revenue come from?

Fees do not come from the entire Uniswap ecosystem. According to the agreement description, the first phase covers the v2 pool and some v3 pools, which account for 80% to 95% of the Ethereum main network liquidity charges. Further sources of other networks and new protocol versions are already planned, but have not yet generated actual revenue.

For holders, this means that destruction rates are tied to trading activity in specific parts of the agreement. If trading volumes fall, destruction volumes will also fall. This fee-dependent mechanism amplifies market conditions rather than confronts them.

Destruction as a price driver: 2.2% annualized versus 8.4% per day

This answers the opening question. An annualized reduction rate of approximately 2% cannot absorb the price fluctuation of 8.4% in a single day. This mechanism works for months or even years, rather than hours.

This does not mean that the mechanism is worthless, but that it needs to be correctly positioned. Those holding UNI are holding a token whose circulation supply is slowly shrinking, while also bearing all the price risk of the 24th-ranked altcoin. Both exist simultaneously. Reduced supply is a reason for long-term holding, but it cannot withstand the impact of weak markets.

How the story quickly tilts in either direction can be seen from the review: When the fee switch came into effect in September, the UNI price briefly exceeded $9. The mechanism is the same and the logic is the same, but the market environment is different.

Holding period and Article 23 of the German Income Tax Law: Destruction is an act of disposal

For German investors, the process itself deserves close attention. Anyone who collects fees through Firepit is giving up UNI and receiving another cryptocurrency in return. In tax terms, this is an asset replacement event.

德国税法此前将私人持有的加密资产出售或交换所得收益视为《所得税法》第23条下的私人处置。关键在于取得与处置之间的一年期限，以及年度收益总额阈值。税务机关是否将Firepit中的销毁视为交易所的普通交换，目前尚无明确定论。缺乏具有约束力的裁决，这一问题最终需由税务顾问解决，而非依靠文章判断。

在实践中，这对直接产生影响的人很少。当日整齐的数额表明，领取过程主要是自动化的，并非由个人通过界面触发。因此，对于普通持有者来说，更简单的问题是：你何时获得的UNI？持有了多久？使用带有投资组合追踪功能的税务工具可以比记忆更可靠地回答这个问题，因为它会记录每个批次的取得日期。

此外，法律立场目前正在变化。德国财政部已提出草案，重新处理某些私人持有加密资产的税收问题。清晰保留取得数据的人，未来无需重新构建记录。

杠杆与清算：6.9亿美元交易量 vs 50.7亿美元市值

日均交易量6.9亿美元约占市值的13.6%。对于这种体量的山寨币而言，交易活跃，这也解释了为何在没有新闻的情况下，单日出现8%的波动成为可能。

对于杠杆头寸来说，这才是真正的危险所在。如此规模的波动会在任何基本面考量发挥作用之前，清除掉使用五倍及以上杠杆的头寸。在使用UNI杠杆的交易者应清楚入场价与清算阈值之间的距离，应以具体数值而非感觉来衡量。

在德国购买UNI：授权、点差与托管

在购买渠道方面，适用的要点与其他山寨币相同，且往往因关注价格而被忽视。

• 确认提供商是否拥有欧洲加密法规授权，且该授权是否涵盖其在德国的业务。
• 不要仅比较宣传的交易手续费，而要比较买卖价差。对于山寨币，成本的大部分通常体现在价差中。
• 购买前确定是自行持有代币还是交由提供商托管，以及提现到自有钱包的流程。

销毁不会改变你的托管状态

常见的误解在于：销毁发生在协议层面，而非你的钱包中。没有人会从你那里拿走代币，因为机制销毁的是代币本身。受影响的是那些主动进入Firepit的人。你的持仓保持不变；随着其他人销毁代币，你在总供应量中的份额甚至会微幅上升。

Uniswap销毁：决策的关键要点

该机制有效，可验证，但其影响力小于其声誉。请记住三点：

1. 关注量级而非叙事：Before using this as a price argument, the destruction rate is compared to the circulation supply. The annual effect of about 2% is reflected over many years, not over a few days.
2. Date of record acquisition: In Germany, tax burdens are determined within a one-year period, and ongoing drafts make clear records even more important. Use the portfolio tracking tool to save dates for each batch.
3. Understand your leverage, or stay away from it: A one-day volatility of 8% without news is the norm for UNI. Those using leverage need to use the clearing threshold as a specific value; relevant terms can be found in the Broker Comparison.

Uniswap has detailed the details of the mechanism in its Unification proposal.

(As of October 7, 2026. This article does not constitute investment advice. Price and fee structures may change; please check terms with your provider before purchasing.)