#代币经济学机制 $596 million worth of token burns—this move is indeed aggressive. UNI's approach is very clear—using burns to create scarcity, and then maintaining a long-term deflationary outlook through continuous fee burning triggered by the fee switch. From a tokenomics perspective, this is a classic supply-side tightening strategy.

The key is execution. Many projects claim to be deflationary, but often it remains superficial. UNI's actions are genuine and substantial, and they also lock in a subsequent fee rebate mechanism, making it a sustained effort rather than a one-time event. Such a design has a much greater impact on holders' psychological expectations than a single burn.

However, there's a detail worth noting—price movements and fundamental improvements are two different things. Burn announcements often cause short-term emotional rallies, but the real support for value comes from the protocol's usage volume and fee income growth. Some savvy traders excel at spotting opportunities amid these expectation gaps, entering during the cooling-off period after the hype subsides, rather than chasing the peak.

UNI's combination of measures can be considered a serious deflationary design, but whether it can deliver depends on subsequent trading volume. Experience tells me that the effects of tokenomics reforms often take about half a year to fully manifest.