👉👉👉 #UniSwap (UNI) soars 50% after governance proposal unveiled
Uniswap ($UNI ), a leading decentralized finance (#DEFI ) protocol, surged by over 50% following a governance proposal aimed at enhancing the protocol's decision-making process and incentivizing UNI token holders. The proposal advocates for a fee-sharing mechanism rewarding staked and delegated UNI holders, fostering greater governance engagement.
This significant price surge reflects the market's positive response to initiatives bolstering decentralized governance and community involvement within Uniswap. The proposal, led by Erin Koen, seeks to energize governance and reward token holders, departing from previous fee-sharing initiatives.
If approved, the upgrade will enable fee collection distributed to staked and delegated UNI holders. Currently trading at $12, UNI's price surged by nearly 50% within 24 hours, reaching its highest level since April 2022. Excitement around the proposal drove open interest to $174.4 million, with liquidations of short positions totaling $3.07 million, compared to $1.78 million in long positions.
Over 500,000 UNI tokens, valued at around $3 million, were acquired before the proposal's public disclosure. A snapshot ballot is scheduled for March 1, 2024, followed by an on-chain vote on March 8, 2024.
Source - cryptopolitan.com