#比特币2026年行情展望 $UNI $CAKE

Recently, I manually compiled the destruction data for UNI and CAKE over the past three weeks or so and want to share and discuss it with everyone.

First, let's talk about UNI. During the 21-day period from late 2025 to early 2026, the total burned amount was approximately 284,000, which averages about 13,500 per day. However, there's a problem—officially, 20 million UNI are transferred out annually for ecosystem operations and marketing activities, releasing about 54,800 per day on average. When calculated, the actual net increase in circulating supply is only about 41,300 per day, which means no deflation is actually occurring. Notably, the 5 million UNI reserved by the official team in the first quarter has not been touched so far.

Now, looking at CAKE, the situation is much more interesting. According to on-chain records, data from mid-January shows total burns of around 860,000 to 870,000. After subtracting the approximately 22,000 daily releases, the net burn remains over 700,000. In the past two weeks, the total net burn has reached 1,422,000, averaging over 100,000 per day. Based on this pace, the annualized deflation rate could reach 10.48%, which truly indicates ongoing deflation.

The comparison makes it clear—$CAKE is currently in genuine deflation, while $UNI's deflation effect is completely offset by large official releases (equivalent to a holder with 260 million tokens gradually selling over 13 years), resulting in an annualized deflation rate of only 0.548%. If we exclude the official release factors, the theoretical deflation rate is just 0.548%.

The recent $ETH market has been relatively calm, but the fundamental differences between $UNI and $CAKE are quite obvious. For long-term holders, the deflation mechanism provides the most tangible support.