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March 28, 2022

Getty Hill on whether Uniswap should turn on Protocol Fees

35 minutes

In this episode Larry and I chat with Getty Hill about Uniswap Protocol's fee switch. We go into detail about the pros/cons of turning the fee switch on, the process that goes into the decision, and how protocol fees could be used to grow Uniswap long-term.

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Resources: v2 fees, v3 fees, Adding a 1 basis point fee tier for Uniswap

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Show Notes:

What are the pro and cons of turning on the protocol fee switch?

Balancing "value accrual" vs. market-share

Lessons from implementing a 1 bp fee tier for UNI pools

Why v2 fees are much simpler to implement than v3

Why the "fee switch" question is not a one-off proposal, but a multi-month effort combining research, implementation, and monitoring.

What kind of new behaviors would turning fees on enable?

Second Order effects on the broader DeFi ecosystem

Other thoughts on Uniswap governance broadly