Saturday , April 20 2024
Home / Crypto news / Uniswap (UNI) Explodes 50% Minutes After a Major Proposal

Uniswap (UNI) Explodes 50% Minutes After a Major Proposal

Summary:
TL;DR UNI surged 50% following a proposal for a fee reward mechanism for token holders. This rise contrasts with the broader market’s consolidation. UNI – the native token of Uniswap Protocol – skyrocketed by over 50% in minutes, reaching a nearly two-year high of approximately . UNI Price, Source: CoinGeckoThe increase happened shortly after the Uniswap Foundation (UF) proposed the creation of a fee mechanism that rewards UNI holders who have staked and delegated their tokens. “This proposal seeks to invigorate and strengthen Uniswap’s governance system by incentivizing active, engaged, and thoughtful delegation,” the team added. The proposal also states that if there are no major blockers, the Snapshot vote will be posted on March 1st, 2024, while the on-chain vote

Topics:
Dimitar Dzhondzhorov considers the following as important: , , , ,

This could be interesting, too:

Wayne Jones writes BAYC Creator Yuga Labs Offloaded 2 NFT Games to Faraway

Chayanika Deka writes Binance Executive’s Legal Battle in Nigeria Hits Another Roadblock as Appeal Stalls

Martin Young writes Ethereum Network Generated 0M in Profit in Q1, as ETH Reclaims K

Andrew Throuvalas writes Why The Halving Cannot Be Completely Priced In: Bitwise CIO

TL;DR

  • UNI surged 50% following a proposal for a fee reward mechanism for token holders.
  • This rise contrasts with the broader market’s consolidation.

UNI – the native token of Uniswap Protocol – skyrocketed by over 50% in minutes, reaching a nearly two-year high of approximately $11.

UNI Price
UNI Price, Source: CoinGecko

The increase happened shortly after the Uniswap Foundation (UF) proposed the creation of a fee mechanism that rewards UNI holders who have staked and delegated their tokens.

“This proposal seeks to invigorate and strengthen Uniswap’s governance system by incentivizing active, engaged, and thoughtful delegation,” the team added.

The proposal also states that if there are no major blockers, the Snapshot vote will be posted on March 1st, 2024, while the on-chain vote will be posted on March 8th.

It is worth noting that UNI’s latest spike comes amid a broad market consolidation, with most leading cryptocurrencies trading sideways or recording minor losses.

Bitcoin (BTC) and Ethereum (ETH) are down 1% on a daily scale, whereas Solana (SOL) has plunged by approximately 3% for the same period (per CoinGecko’s data).

You Might Also Like:

Leave a Reply

Your email address will not be published. Required fields are marked *