Uniswap, the leading decentralized exchange in the space, introduced a 0.15 percent fee called the “interface fee” for its wallet interface and web app starting October 17th. This fee will be applied to specific tokens, including ETH, USDC, WETH, USDT, DAI, WBTC, agEUR, GUSD, LUSD, EUROC, and XSGD. However, it’s important to note that stablecoin trading pairs and the ETH/WETH pair will remain fee-free.
“This interface fee is one of the lowest in the industry, and it will allow us to continue to research, develop, build, ship, improve, and expand crypto and DeFi” Adams wrote. He also highlighted new developments in the Uniswap ecosystem, including “an iOS wallet, Android wallet, UniswapX, major improvements to our web app, Permit2, Uniswap v4 draft codebase, and more.”
However, the announcement has generated controversy within the community. While some leaders in the space, such as Martin Koppelmann, the founder of Gnosis, viewed the move positively, others expressed their discontent with the “interface fee,” considering it unfair to UNI holders. This fee would be collected by Uniswap Labs and is separated from the protocol fee, which can be activated through a UNI governance vote. The most recent vote took place in early June, and the proposal was not approved.
“UNI fee switch is voted on by governance” but Hayden and his friends “have aggregated control of the supply of UNI, thus voting power, and decision making”, the X account named Autism Capital wrote. Consequently, UNI holders, who were holding tokens with the expectation of sharing in the platform’s fees or hoping Uniswap use a portion of the fee for buying back and burning tokens to facilitate the token’s value, will not experience any benefits from Uniswap.