Uniswap Foundation will Share Fees with Users

Uniswap Foundation has announced a new governance proposal aimed at altering the fee mechanism on the DEX platform, sharing revenue with UNI holders.

Azcnews Breaking (6)

On February 23, 2024, the Uniswap Foundation made a surprising announcement regarding the latest governance proposal concerning the protocol’s fee mechanism. According to the proposal, Uniswap could reward delegated or staked UNI holders. If unchanged, a snapshot vote will be conducted on March 1, followed by an on-chain vote on March 8.

This isn’t the first proposal regarding fee sharing for UNI holders. Most recently, in May 2023, Gate Hill proposed fee pool liquidity and rewards for UNI holders, which resulted in a controversial vote as some UNI holders opposed it.

However, unlike previous occasions, the proposal comes from @eek637 – Governance Lead at Uniswap Foundation, suggesting a high likelihood of its approval.

Currently, Uniswap remains the largest decentralized exchange, generating significant fees. Over the past 30 days, Uniswap generated $71.6 million in fees, second only to Lido Finance.

With the aforementioned proposal, the tokenomics of UNI undergoes a significant change. This could also serve as a pioneering move for DeFi projects to adopt similar models.

Many DeFi tokens are experiencing a surge in price following the news of Uniswap’s fee-sharing proposal.

Related: DEX Uniswap Launches Rootstock Deployed on Bitcoin Sidechain

Chart UNI after Uniswap Foundation announcement

Following the news, the price of the UNI token surged nearly 80% to $12.6 – the highest level since January 2022.

Chart UNI after Uniswap Foundation announcement
Chart UNI after Uniswap Foundation announcement

4-hour chart of UNI/USDT pair on Tradingview at 06:35 AM on February 24, 2024.

(2 votes)

3.0/5

(2 votes)

Latest

Moodeng Coin Surges 39% After Upbit Listing

News | Editor Choice | Memecoin

MOODENG Coin Surges 39% After Upbit Listing

MOODENG — the meme coin inspired by a Thai baby pygmy hippo — surged over 39% after South Korea’s largest crypto exchange, Upbit, announced its official listing.

Solana Staking Etf Hits $33m On Launch Day

News | Altcoin | Editor Choice

Solana Staking ETF Hits $33M on Launch Day

The Solana staking ETF (SSK) recorded $33 million in trading volume on its first day, outperforming XRP and SOL futures ETFs, while fueling strong expectations for the launch of a spot Solana ETF.

Can Altcoins Grow In July

Altcoin | Editor Choice

Can Altcoins Grow in July?

The market is generating highly awaited data for a potential altcoin price surge this July.

Openai Denies Robinhood Tokens Represent Company Equity

News | AI | Editor Choice

OpenAI Denies Robinhood Tokens Represent Company Equity

OpenAI has denied that the tokens bearing its name issued by Robinhood represent actual company equity, while Elon Musk called them “fake” and criticized his former company’s business model.

The Number Of Bitcoin Millionaires Soars In The Past Six Months

Editor Choice | Bitcoin

The Number of Bitcoin Millionaires Soars in the Past Six Months

In the first six months of the year, an additional 26,758 millionaires holding Bitcoin brought the total number of Bitcoin millionaires to 182,327.