Those who have been paying attention to the latest developments of a leading DEX recently may have noticed—its fee panel has several "gray areas." This is not a system malfunction but a market signal worth analyzing.

First, the background needs to be clarified. At the end of last year, this DEX launched an important proposal, with the core logic of redirecting protocol-level fees from simply being distributed to liquidity providers to partially flowing back into the protocol itself, then used for token burning. The V2 version and some V3 pools have already implemented this mechanism, while those V3 pools that are still inactive are essentially "pending activation assets" for this upgrade.

From a data perspective, if all these V3 pools' fee switches are turned on, the protocol fee income for this DEX is expected to reach $66.5 million in 2026, with an average daily income of about $182,000. The scale of this impact on the ecosystem is significant—it directly relates to the token burn rate and supply-side changes.

From a market perspective, such upgrades often generate effects on two levels: first, attracting market attention and liquidity adjustments in the short term; second, changing the token's economic model in the medium to long term. From any angle, this is a trend within the DeFi ecosystem that warrants ongoing observation.