Earlier governance proposals to activate the fee switch were unsuccessful, resulting in prolonged community frustration

Quotes that support claims

The so-called fee switch would drive a portion of protocol revenues that are currently captured by liquidity providers to UNI token holders. Its delayed activation has been longterm consternation among community members, especially after earlier votes failed to deliver. Uniswap has collected over $1 billion in annualized fees.

One of the most significant aspects of the governance decision is the advancement of the long-awaited “fee switch.” This would direct a portion of protocol fees, currently earned by liquidity providers, towards UNI token holders. This change has been eagerly awaited by the community, as earlier proposals to activate the fee switch were unsuccessful.