2026-01-11 08:23:46

Several core issues regarding $UNI that are worth attention.

**Regulatory Risks**
Recent legislative developments have taken a stricter stance toward DeFi, and the upcoming vote on the Crypto Market Structure Bill could directly impact the operational space of DeFi protocols. As a leading DEX governance token, UNI's fundamentals are indeed facing policy uncertainties. It is reasonable for the market to respond cautiously to these developments.

**Token Supply Pressure**
Currently, there are 630 million tokens in circulation, with an additional 270 million tokens yet to be unlocked. According to the established schedule, 20 million tokens are released annually, meaning the market must continuously absorb the new supply. Considering the recent unlock of 5 million tokens, it would take at least 40 days for the market to absorb this influx. This ongoing liquidity impact cannot be ignored — fundamentally, it is an inflationary pressure issue.

A direct comparison with VC tokens is straightforward: although both face unlocking pressures, UNI's 10-year unlocking cycle means the pressure is more dispersed and prolonged.

**Discussion on Issuance Mechanism**
The white paper clearly states that UNI can be issued at most 2% annually. The project team can initiate additional issuance through governance votes if needed. Currently, the burning mechanism (approximately 0.44% annualized) that the market focuses on is actually far below the potential issuance space.

Burning as a deflationary tool does exist, but its offsetting effect is limited. The key point is that the circulating supply of UNI has increased significantly compared to its all-time high — from the scale in 2021 to the current 630 million in circulation, the denominators are entirely different. This directly impacts the mathematical space for the next price increase.

**In summary**
In the short term, the market may fluctuate with the overall trend, but the mid-term fundamentals face these structural pressures. Investors should base valuation on the current actual circulating supply of 630 million, rather than the total supply, which involves accurately pricing the associated risks.

UNI-0,91%

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WhaleShadow

· 01-14 07:00

Huh, 270 million unvested tokens are hanging overhead, and the pressure is quite real. Just joking about destruction, what’s the point of a 0.44% annualized rate... Come on. How many times has the circulating supply multiplied? This batch of retail investors' accounting skills are worrying. As soon as regulation comes, DeFi starts to tremble; how long UNI can hold is uncertain. A 10-year unlock cycle sounds decentralized, but it’s still being dumped every day. With a 2% annual issuance increase, does the project team really not feel tempted? The denominator of 6.3 billion is right here; don’t foolishly look at the total supply to estimate valuation.

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DegenDreamer

· 01-14 05:35

Uni's inflationary pressure indeed can't be sustained; a 10-year linear release is just a time bomb. --- With regulatory threats looming, VC coins are all fleeing. Why should Uni be able to withstand it? --- The circulating supply of 6.3 billion, the denominator, indeed compresses the imagination space—no hype, no blackening. --- An additional 20 million supply annually, does the market need 40 days to absorb it? Let me think about this logic... --- Burning 0.44% can't offset the potential 2% increase in issuance; the deficit is obvious. --- The moment Uniswap governance votes to increase issuance, it's game over—don't hold onto false hopes, brother. --- From 2021 to now, the circulating supply has doubled; the growth potential is mathematically evident. --- Short-term following the market trend, medium-term being suppressed by supply; that's the simple story of Uni. --- Regulation plus inflation double whammy—there's simply no reason to find a buying point. --- Valuing based on actual circulating supply rather than total supply—this cognitive gap can be exploited to harvest profits.

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BlockchainDecoder

· 01-11 10:52

Data shows that the circulation has doubled, but the destruction is only 0.44%, while the annual issuance potential is 2%. This gap is worth noting. From a technical architecture perspective, UNI's long-term unlocking indeed disperses pressure compared to VC tokens, but when the denominator changes, the game changes. The next round of price increases is limited by this mathematical relationship. Don't be too optimistic about regulation either; the fundamental risks should not be underestimated.

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hodl_therapist

· 01-11 08:53

630 million in circulation just sitting here, destroying 0.44% is hardly impactful Unlocking pressure over ten years is still pressure, and regulatory threats are once again looming Honestly, UNI has completely changed its concept; back in 2021, it was nothing like it is now

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WhaleWatcher

· 01-11 08:53

Unlocking pressure is at its maximum, and regulations are tightening again. This situation with UNI doesn't look very good.

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ChainSpy

· 01-11 08:53

UNI this wave is really a bit stuck, unlocking pressure stacking with regulatory uncertainty, need to wake up in the mid-term --- 6.3 billion in circulation, should we recalculate the valuation, everyone? --- Regulatory sword hanging overhead, only true warriors dare to heavily hold DEX governance tokens --- Burning cannot offset the expansion space, this logic is a bit uncomfortable --- The 10-year unlock cycle sounds dispersed, but in reality, it’s just continuous bleeding on the market --- Instead of chasing highs, it’s better to wait for this round of fundamental risks to pass --- From the 2021 high point to now, the circulating supply has doubled, mathematically there’s really not much room for growth --- With inflation pressure in place, it’s highly likely to fall together with risk assets in the short term

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SelfCustodyBro

· 01-11 08:48

With such strong selling pressure, relying on burning to rescue is a bit uncertain.

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MEVSandwichVictim

· 01-11 08:25

630 million circulation pressure is so high, no wonder UNI has been sluggish It will take another 40 days to unlock and digest, this inflation pressure is indeed absolute Regulatory threats are looming, the 2% issuance rights are just sitting there, and burning can't solve the problem The mathematical space is stuck

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