In 2025, the DeFi sector has experienced a subtle shift—those who once could only "cheer from the sidelines" are finally starting to get a taste of the benefits.

Starting with the leading decentralized exchange. Uniswap has officially activated the fee switch mechanism, where the protocol's revenue is no longer entirely used for liquidity providers but instead allocates a portion for direct repurchase and burning of UNI tokens. What does this mean? The more active on-chain trading is, the higher the protocol income, and the more direct the returns for token holders—value capture has shifted from mere promises on paper to a tangible mechanism design.

The lending giant Aave is also not to be outdone. They announced a $50 million token buyback plan and upgraded through Umbrella to control the release rate of new tokens. This combination not only supports secondary market demand but also alleviates inflationary pressures. Veteran projects are finally figuring out how to make the token economy healthier.

Mantle, as a new Layer 2 project, is also exploring similar token value mechanisms, aiming to enable ecosystem participants to share the dividends of network growth. Behind this wave reflects the maturity of the entire DeFi market—from simple liquidity incentives to genuine value distribution, tokenomics is moving from idealism toward reality.