Uniswap Labs has proposed a major change to the fee policy on the v4 protocol: the share of liquidity providers (LPs) in fees is planned to be reduced across 11 networks. However, the key detail that caught the market's attention was the introduction of a significant discount for just one network — Base. This decision, in my opinion, is not so much a strategic maneuver as a forced measure dictated by growing pressure from a competitor.
Currently, on Uniswap v4, liquidity providers receive 100% of swap fees. The proposed changes introduce a mechanism where a portion of LP earnings will be directed back to the protocol treasury, converted, and burned. The amount of deductions varies depending on the pool type. According to analyst Edgy's estimates, on most Uniswap pools, the protocol will take approximately $17–25 out of every $100 in fees, and on pools with the lowest fees — up to $33. The rest remains with LPs.
Notably, LPs bear the main risks, including impermanent loss and asset drawdown risk. Therefore, they cannot be called the "overpaying" party. However, the main signal lies in the uneven rates. A uniform fee scale is set for all networks except Base, where the rate is 70% lower. Stable pairs on Base will pay only a third of what other networks pay.
Why Base in particular?
The reason for this selectivity is obvious: Base is the "home turf" of the Aerodrome protocol. It is the only network where Uniswap liquidity providers have a real alternative and where they can migrate. It seems as if Uniswap is acting like a retail store offering discounts only where a direct competitor has opened across the street.
The situation is exacerbated by the fact that Aerodrome is launching on the Ethereum mainnet this very month. This means that the challenge for which the discount was made will follow the protocol to other networks as well. Aerodrome team member Alexander noted that Uniswap officially proposes to reduce the LP share on v4 to 33% and suggested that the protocol will face the same reality on other networks.
According to the proposal, for "aggregator" pools, the default fee will be 10 basis points on all networks except Base, and 3 basis points for individual stable pairs. For Base, the rates are noticeably lower: 3 and 1 basis points, respectively.
The Snapshot vote is scheduled for July 7–12, with an on-chain vote taking place the following week. It is important to note that even before the v4 fees, the daily burn volume of UNI reached 186,000 tokens, creating a positive backdrop for token holders.
Expert opinion: Uniswap's decision is a classic example of a price war that only confirms the vulnerability of large players' positions when strong competitors emerge. The discount for Base is a temporary tactical move, but it does not solve the fundamental problem: if Aerodrome continues its expansion, Uniswap will have to reconsider its fee policy globally, which could hit the protocol's revenues.