Uniswap’s UNI token fell by as much as 6% on Monday, Dec. 29, after Uniswap Labs confirmed it had burned 100 million tokens over the weekend, making UNI one of the weakest performers among the top-100 cryptocurrencies today.

UNI is currently trading at $5.95, recovering slightly from earlier lows but still down about 4% on the day. The token burn, announced on Dec. 27, was part of a broader update called “UNIfication,” which included the long-awaited so called fee switch for the protocol

As part of the change, interface fees on Uniswap Labs’ frontend were set to zero, while trading fees remain active on Uniswap v2 and some v3 pools on Ethereum mainnet. The update also allows certain protocol fees to be used to buy back and burn UNI over time.

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