Uniswap (UNI) Firepit Burn Tracker

Uniswap's Firepit is not a classic buyback: searchers pay UNI for the right to claim protocol fees, and that UNI is burned.

How much UNI does Uniswap buy back?

Measured on-chain as of 2026-08-31, Uniswap has burned $7.8M of UNI in the last 30 days, and $34.9M all-time (9.8M UNI, 1.5% of the circulating float). The market currently values UNI at 49x its annualized buyback pace on fully diluted value.

How does the UNI buyback work?

Mechanism: burn-to-claim · third-party funded. Not a buyback. Uniswap's Firepit (0x0D5C…6721) is a permissionless fee-for-burn auction: any searcher burns a governance-set fixed amount of their OWN UNI (4,000 on mainnet, 2,000 on L2s) to claim whatever protocol fees have accumulated in the TokenJar. The protocol never buys UNI, so the burn rate is a step function of how often claiming is profitable, not a linear function of revenue — and a higher UNI price means the same fee flow supports FEWER burns. Measured from every Transfer to 0xdEaD on Ethereum, which is also where L2 burns settle via canonical bridges (with the 7-day challenge delay, so one L1 day can carry a batch burned earlier elsewhere). Priced at that day's Chainlink UNI/USD close. The 2025-12-27 one-off treasury burn of 100M UNI is tagged separately: it is 92.7% of all UNI ever burned. Note UNI's totalSupply never decreases on-chain; burned supply is the 0xdEaD balance.

The full dashboard has the daily chart, MC and FDV multiples over time, supply removed and unlock schedules: open the Buybacks tracker.

Other programs we measure: HYPE · LIT · AAVE · PUMP