The native token of the decentralized crypto exchange Uniswap (UNI) has surged 44% in the last 24 hours after the Uniswap Foundation unveiled a new governance proposal.

The “UNIfication” plan would activate protocol fees and introduce a new token burn mechanism to align incentives and boost protocol growth.

The proposal redirects trading fees to burn UNI tokens in a move to create deflationary pressure.

The plan would also introduce a “growth” budget to fund protocol and ecosystem development starting next year, distributed quarterly.

Most Foundation team members will transition to Labs under a service agreement, with a lean team handling $100 million in remaining grants before closure.

DAO members will vote on the overhaul, which is the most significant since UNI’s 2020 launch.

UNI is priced at $9.55 at time of publishing, up 44% in the last 24 hours.