Uniswap Labs has put forward a proposal that has stirred the crypto community: reducing the share of liquidity providers (LPs) in fees across 11 networks, while making an exception for only one — Base. Analyst under the pseudonym Edgy rightly notes that the very fact of such a selective discount is a loud signal about the protocol's real liquidity vulnerability.
New Fee Policy: What Will Change?
Currently, on Uniswap v4, liquidity providers keep 100% of swap fees. The proposed changes reshape this model: part of the LP earnings will be directed to the Uniswap treasury, converted, and burned. According to Edgy's estimates, on most pools, the protocol will take between $17 and $25 from every $100 in fees, and on pools with the lowest fees — about $33. The rest will remain with the providers.
The analyst emphasizes that it is the LPs who bear the main risks — impermanent loss and asset inventory risk. "They can hardly be called the overpaid side," he reasonably notes.
Discount for Base as a Marker of Fear
The key point Edgy highlights is the uniform "tax" rate on all networks except Base, where it is 70% lower. Stable pairs on this network pay only a third of what other chains contribute. The analyst sees the reason for this selectivity in competition: Base is the "home turf" of the Aerodrome protocol, and it is the only place where LPs have a real alternative to leave.
"Uniswap is behaving like a store offering discounts only where a competitor has opened across the street," Edgy metaphorically describes the situation.
Competition with Aerodrome Intensifies
The problem is compounded by the fact that Aerodrome is launching on the Ethereum mainnet this month, meaning the challenge that prompted the discount will follow the protocol to other networks. The analysis was triggered by a post from the genius director of Dromos Labs and Aerodrome participant Alexander. He noted that Uniswap Labs officially proposes reducing the LP v4 share in fees to 33% and suggested that the protocol will soon face the same reality on other networks.
According to the proposal, for the "aggregator" hooks family, the default fee will be 10 basis points on all networks except Base, and 3 points for certain stable pairs. For Base, the rates are noticeably lower: 3 and 1 points, respectively.
Voting and Positive Outlook for UNI
At the same time, Edgy acknowledges a positive scenario for UNI token holders. According to his data, even before the v4 protocol fees, burning reached 186,000 UNI per day. The Snapshot vote will take place from July 7 to 12, and the on-chain vote will occur the following week.
Expert Opinion: The selective fee reduction for Base is not just a tactical move but a clear admission that Uniswap no longer feels like a monopolist. Aerodrome, with its aggressive incentive model, has already created a real threat on the competitor's "home" field. If Aerodrome successfully scales to Ethereum, Uniswap will either have to universally lower fees or accept a loss of market share. This could set a precedent for the entire DeFi space, where protocol dominance is no longer guaranteed.