The Toll Booth Finally Collects: Uniswap’s Fee Switch Is On, 100 Million Tokens Are Gone, and UNI Is Still Near Its Lows

Let me finish a story I started five weeks ago. In July this column called Uniswap the toll booth on DeFi’s highway and asked the question that has haunted the token since 2020: does the toll ever reach the people who own the booth?

I flagged it as the single most important thing to verify about UNI, because the entire long-term case rested on it. Here is the answer, and it is more uncomfortable than either camp expected. The toll is being collected. The booth is paying its owners.

And the token trades near $3.40, second on CoinGecko’s most-viewed list, roughly where it sat before any of it happened. UNI traded at $3.43 on August 12, 2026, down 4.4% on the day, per CoinGecko, with Bitcoin at $62,753 and most of the board red.

Check the live figure before acting; the argument on this page does not turn on a single session’s price. The question got answered while nobody was looking The mechanism is real and it is on.