A Uniswap Team Sells 90,000 UNI Tokens After Altcoin Rallies Over 70%: On-Chain Data
A crypto wallet associated with the team behind top decentralized exchange (DEX) Uniswap sold off some of its UNI holdings during the latest price rise, according to on-chain data. The sale was first reported by blockchain tracking firm Lookonchain, which identified an address linked to Uniswap that sold just over $1.03 million worth of UNI at $11.48.
The wallet in question had previously received 5.44 million UNI tokens (worth $62.46 million currently) and currently holds 926,000 UNI ($10.63 million). This sale represents a significant reduction in their holdings.
UNI Price Rally
The sale comes as UNI recently experienced a rally of over 70% from its weekly low of $7.06. This rally followed a proposal by the Uniswap team to alter the DEX’s fee structure in order to reward those who have staked and delegated UNI.
The team believes that this proposal is crucial for the long-term success of the protocol, stating that “decentralized, resilient, and engaged governance is imperative to the long-term health and success of the protocol.” They are confident that this upgrade will strengthen and invigorate Uniswap governance.
Importance of Proposal
The proposed fee structure change aims to incentivize UNI token holders to choose delegates who actively contribute to the growth and success of the protocol. The Uniswap Foundation believes that this will bring in fresh delegates who are committed to the project’s development.
If the proposal is successful, it is expected that there will be an influx of new delegations. Additionally, existing delegators will be required to re-delegate their tokens, resulting in a shift from “stale” delegations to delegates who have demonstrated their commitment to supporting the protocol.
This mechanism is designed to continue incentivizing engaged delegation in the future without requiring any additional facilitation.
Current UNI Price
At the time of writing, UNI is trading at $10.89, representing a 3% increase in the past 24 hours.
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A Hot Take on Uniswap’s Token Sale
The recent sale of 90,000 UNI tokens by a wallet associated with the Uniswap team has raised eyebrows in the crypto community. Here are some key takeaways:
- The wallet sold over $1 million worth of UNI at $11.48 per token.
- The sale represents a significant reduction in the team’s UNI holdings.
- The sale occurred amidst a rally where UNI’s price increased by over 70% from its weekly low.
- The Uniswap team believes that their proposed fee structure change is crucial for the protocol’s long-term success.
- The change aims to incentivize UNI token holders to choose delegates who actively contribute to the growth of the protocol.
- If successful, the proposal is expected to bring in fresh delegates committed to the project’s development.
- Existing delegators will be required to re-delegate their tokens, resulting in a shift towards more engaged delegates.
- The current price of UNI is $10.89, with a 3% increase in the past 24 hours.
Overall, this token sale and the proposed fee structure change highlight the Uniswap team’s commitment to building a decentralized and engaged governance system for the protocol. It remains to be seen how these developments will impact the future of Uniswap and its community.
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