🔴 Uniswap Foundation Postpones Vote on Token Staking and Delegation Incentives; UNI Drops 8.7% 🔴
The Uniswap Foundation, which manages the decentralized exchange Uniswap, has postponed the vote for UNI staking and delegation rewards that was originally scheduled for Friday. This delay arose after a stakeholder expressed concerns that necessitated further examination by the Foundation. Following this announcement, the price of UNI fell by 8.7%.
The Foundation shared on the social media platform X: "Last week, we announced that the first proposal to activate Uniswap Protocol Governance would be deployed on-chain today. Over the last week, a stakeholder raised a new issue relating to this work that requires additional diligence on our end to fully vet. Due to our proposed upgrade's immutable nature and sensitivity, we have decided to postpone posting this vote.
The message continued, "This was unexpected, and we apologize for the postponement. We will keep the community apprised of any material changes and will update you all once we feel more certain about future timeframes.
As of 2:00 p.m. ET (18:00 UTC) on May 31, Uniswap's UNI token was trading at $10.20, marking an 8.7% decrease over the past day, according to The Block Prices.
The proposal, initially introduced in February, aims to reward dedicated Uniswap stakers and delegates for their high-quality participation. To prepare for the vote that was set for May 31, UNI holders were required to delegate their tokens on the platform in advance to take part in the voting process, as explained by the Uniswap Foundation a week prior❗ $UNI
