Following the Uniswap Foundation’s plan to “reward UNI holders who have staked and delegated their tokens,” UNI saw a 50%+ increase in value. The governance token of the Uniswap decentralized exchange, UNI tickers down $10.76, has increased by more than 50% in the past day to hit a two-year high of $12.73. The trading volume of UNI has increased by 1,200% today to $1.33 billion. UNI has taken up position 15 on CoinMarketCap with a market valuation of $6.7 billion. This performance follows the Uniswap Foundation’s suggestion to modernize the protocol’s governance structure.
Governance Lead Of Uniswap Foundation Claims That Upgrade Would Reward UNI Holders
In his proposal, Erin Koen, the governance lead at Uniswap Foundation, stated that the “upgrade would reward UNI holders who have staked and delegated their tokens.” Enhancing the fee structure to “reward UNI token holders that have delegated and staked their tokens” on the platform is another aspect of the idea. In particular, we think UNI token holders will be motivated to select delegates whose involvement and votes will contribute to the Protocol’s expansion and success, according to Koen. On March 1, 2024, a snapshot vote will be held on this proposal; on March 8, 2024, an on-chain vote will be posted.
Following the launch of “Uni.eth” subdomains by Unisswap on the Ethereum Name Service (ENS) infrastructure, Koen’s proposal enables users to translate intricate hexadecimal Ethereum addresses into names that are readable by humans.
Uniswap Labs stated that “uni.eth is a readable username that makes it easy to receive crypto and build your web3 profile” in a statement posted on the social networking platform X on February 22. In response to the suggestion, UNI surged more than 73% from its starting price of $7.34 to an intraday high of $12.76 on February 23, as per data from TradingView and Cointelegraph Markets Pro.
