Uniswap will vote on-chain on May 31st. UNI could continue to gain 40% despite SEC Wells warning.
On May 31, Uniswap will automate fee collection and distribution via on-chain voting.
DeFi is moving forward despite the SEC's April 2024 Wells Notice.
UNI could recover 40% to erase April losses.
Governance token of the decentralized exchange platform Uniswap (UNI). In April 2024, the project received a Wells Notice and responded to it in May. Despite SEC intervention, DeFi is moving forward with on-chain voting to automate fee collection and distribution.
Uniswap prepares for on-chain voting on May 31st.
Uniswap reacted to the Wells Notice issued by authorities in May 2024 to report the heart attacks. Marvin Ammori, chief legal officer at Uniswap Labs, said the move is in line with US law and that the SEC is pursuing assets and people in countries "well beyond its authority."
Ammori says that more than 75% of Uniswap's services are used outside of the United States, and approximately 90% of DEX volume is traded outside of the SEC's jurisdiction. Uniswap's CLO says DEX has offered its opinion on the SEC's claims and will sue if necessary.
The protocol has responded to the Wells Notice and will conduct on-chain voting on May 31st. Voting will automate fee collection and distribution, although UNI holders will need to delegate their tokens before voting.
The DEX believes that the new voting process will reduce the workload of Uniswap Governance, while preserving the reputation of DeFi.
Moving Average Convergence Divergence (MACD) supports the bullish thesis with green histogram bars above the neutral line and a crossover above the signal line on April 22.