The DUNI proposal from Uniswap was already approved through voting last week, but UNI’s price didn’t rise—instead, it dropped. Uniswap is still showing a very cautious stance. On the foundation’s official website, there’s a section about the risks of DUNA, which mentions that the fee switch will require a separate proposal. It also emphasizes that this proposal will face compliance risks, governance risks, and the possibility of liquidity loss for the protocol. Looking at the current situation, even if an independent proposal is made, it’s likely to turn into a drawn-out tug-of-war. Additionally, about $16 million worth of UNI tokens were transferred to DUNA to pre-fund legal defense and tax compliance budgets. The road to empowering UNI is so long that it seems to have exhausted the patience of the community and token holders, which is reflected in the price. Currently, Uniswap still dominates the market in terms of trading volume and TVL, mainly benefiting from its stability. This is its only moat for now, but compared to the last cycle, its irreplaceability is diminishing. Perhaps in the future, a “superhero” will emerge.