Exchange Ranking
Top Exchanges
24h Volume Ranking
Popularity Ranking
Exchange BTC Balance
Proof of Reserves
Decentralized Exchanges
Funding Rate
Funding Heatmap
Liquidation Data
Max Pain
Long/Short Ratio
Whale L/S Ratio
Binance/Okex/Huobi L/S
Bitfinex Margin L/S
ETF Tracker
Solana ETF
XRP ETF
Hong Kong ETF
Bitcoin Treasuries
Crypto Reversal
Ethereum Reserves
HyperLiquid Wallet Analysis
Hyperliquid Whale Watch
Large Transactions
On-chain Movement
Bitcoin ROI
Stablecoin Market Cap
Options Analysis
News
Articles
Economic Calendar
Features
Wallet
Contract Calculator
Security
Collections
Watchlist
Following
ENA 
ETH 
ETHFI 
HYPE 
UNI BitMEX co-founder Arthur Hayes made a big bet on Uniswap
BitMEX co-founder Arthur Hayes made another seven-figure bet as decentralized exchange Uniswap advanced its protocol fee system and destroyed its native tokens. He purchased 244,406 UNI tokens with a total value of approximately US$1.73 million.
On-chain data tracking platform Lookonchain reported that these UNI tokens were purchased through Flowdesk's over-the-counter (OTC) business at an average price of approximately US$7.06 each. The transaction was linked to a wallet that had previously been identified as belonging to Hayes.
The purchase is not only eye-catching because of its size, but also because UNI's economic model has changed significantly compared to a year ago. Since December 2025, fees collected from some functions of the Uniswap protocol have been used to permanently remove UNI tokens from circulation.
Uniswap's documents confirm that the current agreement fee has been activated in the v2 version and selected v3 transaction pairs, and the assets collected will eventually be converted into UNI and destroyed.
The Uniswap fee switch is becoming a key catalyst in driving the value of UNI.
This destruction mechanism stems from the "Unification" governance reform approved late last year. The system does not allow UNI holders to directly share agreement revenue, but instead directs the fees charged to on-chain contracts. Participants can claim these assets by supplying and permanently destroying UNI, directly linking higher agreement fee generation to reduced token supply.
The scope of promotion of this mechanism has been greatly expanded. Uniswap Labs said in July this year that agreement fees have been activated in v2 and v3 transaction pairs on 11 chains, including Ethereum, Base, Arbitrum, BNB Chain and Polygon. In addition, the mechanism also set a historical record of destroying 186,000 UNIs in one day.
Currently, the governance level is considering introducing the same economic model to Uniswap v4, a more flexible architecture built around customizable hooks. This makes Hayes 'latest buying operation fit the right moment for an emerging fundamental catalyst.
Hayes returns to DeFi after selling other positions
This deal is also in line with the overall shift in Hayes 'portfolio. In June, Hayes cleared all of his Hyperliquid and NEAR positions, including HYPE tokens worth approximately $18 million, citing macro risks and the possibility that funds could be transferred to major AI-related projects. His move when exiting HYPE shows that although he remains bullish on the cryptocurrency market as a whole, he is willing to decisively reduce major positions.
Recently, Hayes has turned back to aggressive DeFi goals. Earlier this week, based on his expectation that the expansion of U.S. dollar liquidity would eventually push high-beta crypto assets, he predicted that Ethereum would reach $10,000, ENA to $0.50, and ETHFI to $2 by the end of the year. As a result, his latest DeFi outlook provides additional background information for this UNI purchase.
Coinpaper has previously tracked Hayes 'rapidly changing positions, including his Worldcoin exit. Therefore, although this wallet activity deserves attention, it does not necessarily represent a long-term commitment.
UNI itself remains primarily a governance token. Uniswap made it clear that the holder does not have a direct proportional claim for agreement income. Any financial benefit from costs is indirectly gained through the destruction mechanism. This distinction is crucial.
Hayes's purchase of $1.73 million is not ironclad evidence that UNI will inevitably rise. But it comes at a time when one of DeFi's largest agreements is establishing a clearer mechanism to reduce UNI supplies through trading activity. This makes the timing of this operation more meaningful than a simple wallet transfer.
