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The proposal for the protocol fee switch of a leading DEX has been locked and approved. In on-chain governance, the number of votes in favor reached 69 million, far exceeding the statutory threshold of 40 million, while the votes against were less than 1,000. Voting will end on December 26 at 2 AM (UTC+8).
What is the core of this proposal? Once implemented, the DEX will officially turn on the protocol fee switch, initiating a token buyback and burn mechanism driven by protocol fees and on-chain sorter fees. In other words, the fees generated in the future will be directly used for market buybacks and token burns, creating a deflationary effect. The related contract is expected to be executed and take effect this week according to the proposal.
From the voting data, the community consensus is quite strong, which also reflects the market's recognition of the fee mechanism and the burn mechanism. Once the contract goes live, this could change the supply dynamics of the token.