Arthur Hayes bought 244,406 UNI, Uniswap's governance token, through Flowdesk's OTC operation for about $1.73 million, or roughly $7.06 per token. The purchase, tracked through a wallet previously linked to the BitMEX co-founder, coincides with Uniswap's expansion of a protocol-fee system that acquires and permanently burns UNI, reducing circulating supply. The newly supplied report describes the mechanism as active since late 2023, differing from earlier information in this record that dated the use of collected fees to buy and burn UNI from December 2025. Uniswap's system does not provide tokenholders with a direct pro-rata revenue claim; potential economic benefits come indirectly from supply reduction. Governance is considering applying the model to Uniswap v4. The transaction was nearly seven times the value of Hayes' November 2025 purchase of 28,670 UNI for about $244,000, although the two purchases do not establish a sustained accumulation trend or guarantee a price increase.