UNI Surges 50% as Proposal for Fee Reward Mechanism Excites Token Holders
The native token of Uniswap Protocol, UNI, experienced a massive surge of over 50%, reaching a nearly two-year high of approximately $11. This sudden increase occurred shortly after the Uniswap Foundation proposed the implementation of a fee mechanism that would reward UNI holders who have staked and delegated their tokens. The proposal aims to strengthen Uniswapโs governance system by incentivizing active and engaged token holders.
Uniswap Foundationโs Proposal for Fee Reward Mechanism
- The Uniswap Foundation has proposed the creation of a fee mechanism that rewards UNI holders who have staked and delegated their tokens.
- The proposal aims to strengthen Uniswapโs governance system by incentivizing active and engaged token holders.
- If there are no major blockers, the Snapshot vote will be posted on March 1st, 2024, followed by the on-chain vote on March 8th.
This significant surge in UNIโs price comes at a time when the broader cryptocurrency market is experiencing consolidation, with leading cryptocurrencies like Bitcoin and Ethereum trading sideways or recording minor losses. Bitcoin and Ethereum are down 1% on a daily scale, while Solana has seen a decline of approximately 3%.
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