At the moment the market voting concluded, some were still analyzing the data, while on-chain Whales had already counted their unrealized gains. The voting results of this UNI governance proposal are shocking enough—over 69 million votes overwhelmingly passed, supporting the activation of the "fee switch" mechanism. However, what is truly intriguing is the invisible game behind this public vote.

Whales that have laid out with 10x leverage in advance are already sitting on unrealized gains of over 150% before the voting is announced. This is not luck, but the most naked truth of the crypto market: significant value re-evaluations always happen before information is made public. By the time retail investors see the headlines, the arbitrage game of big funds has long since ended.

What is this vote essentially about? To put it simply, it is a "revolution" for the UNI identity. Previously, UNI was just a governance token, and voting power was its only value support. Although it had a huge market capitalization, it lacked hard cash flow support, making it somewhat hollow. Now that the fee switch has been turned on, a portion of the income from the Uniswap protocol will either go into a buyback and burn pool or be directly distributed to token holders. What does this mean? For the first time, UNI is directly linked to the actual profitability of Uniswap, upgrading from a "voting certificate" to a real "cash flow asset."

The market has cast its judgment through voting: a support rate of 69% reflects the community's recognition of this change. But the key question is whether this recognition comes from rational thinking in the market or from being left behind by information asymmetry and realizing it too late? The answer is harsh.