Arthur Hayes, one of BitMEX’s co-founders, has made his first move into DeFi by acquiring 28,670 Uniswap (UNI) tokens valued at around $244,000, after pausing for three years.  His buy came just after UNI surged more than 21%, topping $10 a coin, in a rally prompted by excitement around the Unification proposal.

According to Uniswap’s founder’s announcement, the plan aims to activate protocol fees, initiate a UNI-burning mechanism, and provide incentives across the ecosystem.

The previous BitMEX executive has a reputation for being a contrarian in his investments and frequently gets involved with assets he believes are underpriced or just entering a new narrative cycle.

Market watchers say his renewed interest in UNI is a response to increasing optimism about a potential tokenomics overhaul of Uniswap. One observer on X said that Arthur Hayes has always timed his entries around the fundamental catalyst. According to the analyst, the founder aligns his purchase with speculation that Uniswap’s governance will soon activate its long-discussed fee switch, which may alter UNI’s economic model.

CryptoQuant’s Young says the planned token burn will drive up the token’s price

Blockchain analytics firm Lookonchain spotted Hayes’ transaction, revealing that he had paid about $244,000 for the 28,670 UNI tokens. So far, Hayes’s investment has had a positive effect on market sentiment, adding further to the enthusiasm that followed the announcement of Unification’s scheme.

The Unification programme includes an auction mechanism offering discounts on protocol fees. A UNI token burn is also in the works and is expected to reduce the platform’s supply by 100 million or more token accounts from launch.

CEO Ki Young Ju from CryptoQuant, after the program’s reveal, seemed fairly confident in Uniswap’s future, explaining that the proposal’s fee switch feature would likely result in a spike for the token.

His prediction is based on the data from Uniswap’s V2 and V3. These two versions collectively have achieved trading volumes of over $1 trillion this year. At this level of activity, it’s possible to have a $500 million annual UNI burn. He commented, “Uniswap could go parabolic if the fee switch is activated. Even just counting v2 and v3, with $1T in YTD volume, that’s about $500M in annual burns if volume holds. Exchanges hold $830M, so even with unlocks, a supply shock seems inevitable. Correct me if I’m wrong.”

While Young anticipates a strong upward trend for Uniswap, crypto participants are split; some echo his optimism, expecting an uptrend, while others remain sceptical. Some believe that while the token is bullish, its significant volume may not be sustained. One commenter stated, $500M burn per year for $830M in exchanges? It’s like burning half of the chips before a party— prices will go up until the crowd realises they’re out of chips.”

Some community members have praised Hayes for his investment

An X user, by the domain name DeFiUncle, commented on Hayes’ transaction, saying his comeback to DeFi is a “statement on the future of DeFi governance.”  He pointed out that the UNI token aligns with Hayes’ usual macro strategy, which focuses on infrastructure or governance tokens. He further argued that Hayes views the acquisition as a long-term investment, rather than a short-term speculative play.

Another X user thought that the transaction was momentous; however, he had misgivings about its dynamics. He questioned what kind of smart contracts or wallet configuration were used, and what that means for future security and transparency. At the same time, Wizardplay suggested that Hayes’s buy may be a strategic acquisition before the entire market is reevaluated.

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