On November 11, on-chain analyst Yujin reported that a Variant Fund-linked address transferred 8.23 million UNI to Coinbase Prime, valued at approximately $77.45 million. This followed an earlier same-day transfer of 2.818 million UNI worth $27.08 million to the same platform. Combined, the movements total over 11 million UNI, equating to about $104 million. The transactions come amid active Uniswap governance developments, including a 'fee switch activation' proposal that could change trading economics.