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🐳 Daily Edition: Action-Packed Monday Brings Coinbase ICO's, Uniswap Fee Switch

🐳 Daily Edition: Action-Packed Monday Brings Coinbase ICO's, Uniswap Fee Switch

Coinbase is opening up private rounds to retail and Uniswap is finally directing $100M in revenue to their token, are we back?

Beluga & Will McKinnon
November 10, 2025

Bitcoin and Ethereum have begun to mount a recovery from last week’s selloff with BTC up 7% of its lows and ETH trading +17% from its bottom. These are healthy bounces of course, but the strongest token of the day is Uniswap gaining almost 50% today alone ( a net market cap gain of . This comes after Uniswap founder Hayden Adams submitted a proposal to the Uniswap DAO to change the fee structure to accrue value to the UNI token rather than the protocol foundation alone. In essence the proposal, if accepted by the DAO, will see the majority of fees directed at buying back and burning UNI tokens and includes an additional burn of 10% of UNI’s total supply from the treasury.

As UNI has largely been treated as nothing more than a governance token, the success of Uniswap as a platform hasn’t necessarily led to the appreciation of the token’s price; this proposal if accepted will fix that. I mention its acceptance twice as even though it may sound like a no-brainer for UNI holders to vote yes, this is actually the fourth time a fee switch proposal has been submitted in the last 4 years with previous attempts all failing for various reasons. I do believe this time is different however as it has Hayden’s full support, and I expect to see this have positive tailwinds for other DeFi assets in the Ethereum ecosystem too.

24 Hour Heatmap, Source: CoinMarketCap

Coinbase also made a surprise announcement today with news of their upcoming “retail ICO platform” which will launch alongside the start of Monad’s public sale on the 17th. If you assumed that just meant an implementation of Echo’s ICO platform (acquired by Coinbase 3 weeks ago for $375M), you’d actually be wrong. This appears to be a separate platform that Coinbase has built itself, specifically targeted at opening mid-to-later stage private rounds to its user base. One thing I’m personally curious about is how Coinbase intends to offer these rounds to retail investors in the US as historically they’ve been gated to accredited investors, rules that Echo also operates under. Regardless, the Monad sale will be interesting to watch not only as it will be the first sale on Coinbase’s launchpad, but due to the sheer size of the raise. 7.5% of supply will be available at a valuation of $2.5B FDV, a 15% discount to their last $225M mega funding round. With premarkets already trading at $5.5B, it will be interesting to see how quickly the ~$200m raise fills up. As always we’ll keep our readers updated as we get closer!