25 Feb, 2024 Posted by - Admin

Uniswap (UNI) price gains 50% after fee-sharing governance proposal

UNI the governance token of the Uniswap decentralized exchange, has gained more than 50% over the last 24 hours to reach a two-year high of $12.73. 

UNI’s trading volume has made a 1,200% leap on the day to rest at $1.33 billion. With a market capitalization of $6.7 billion, UNI has claimed the 15th position on the CoinMarketCap ranking.

This performance comes after a proposal by the Uniswap Foundation to upgrade the protocol’s governance system.

According to the proposal submitted by Uniswap Foundation’s governance lead, Erin Koen, the “upgrade would reward UNI holders who have staked and delegated their tokens.”

The proposal also includes enriching the fee mechanism to ”reward UNI token holders that have delegated and staked their tokens” on the platform.

Koen said,

“Specifically, we believe UNI token holders will be incentivized to choose delegates whose votes and engagement with the protocol will lead to the Protocol’s growth and success.”