The governance token of the leading decentralized exchange Uniswap, UNI, has skyrocketed over 50% in the past 24 hours, reaching a two-year high of $12.73.
The governance token of the leading decentralized exchange Uniswap, UNI, has skyrocketed over 50% in the past 24 hours, reaching a two-year high of $12.73. This surge comes after a proposal from the Uniswap Foundation to revamp the protocol's governance system.
The proposed upgrade aims to incentivize long-term token holders by rewarding those who stake and delegate their UNI tokens. This reward system would extend to the fee mechanism as well, further bolstering engagement and potentially leading to the protocol's long-term success, according to Uniswap Foundation's governance lead, Erin Koen.
The proposal follows another recent initiative by Uniswap Labs - the launch of "Uni.eth" subdomains. Built on the Ethereum Name Service (ENS) infrastructure, these user-friendly names replace complex wallet addresses, simplifying crypto transactions and fostering the development of Web3 profiles.
News of the governance proposal propelled UNI over 73% from $7.34 to an intraday high of $12.76 within a single day. A snapshot vote on the proposed governance upgrade will occur on March 1, 2024, followed by an on-chain vote on March 8.
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