UNI Token Value Skyrockets Following Uniswap's Governance Structure Proposal
Summary:
UNI, the governance token of Uniswap, has seen its value surge by over 50% in 24 hours to achieve a two-year high of $12.73. The rise followed a proposal by The Uniswap Foundation aimed at improving the protocol's governance structure. Trading volumes have increased exponentially, and the market capitalization reached $6.7 billion. Uniswap has also introduced "Uni.eth" subdomains using the Ethereum Name Service infrastructure, enabling users to turn complex Ethereum identifiers into readable usernames.
Uniswap's governance token, UNI, has soared over 50% in the last 24 hours, hitting a two-year peak of $12.73. TradingView indicates that UNI's trading volume spiked over 1,200% in one day, sitting at a substantial $1.33 billion. With its market cap now at $6.7 billion, the token has climbed to the 15th spot in CoinMarketCap's rankings. This progression comes in the wake of a move by the Uniswap Foundation suggesting enhancements to the protocol's governance structure.
Erin Koen, the Uniswap Foundation's governance superintendent, articulated in the proposition that the amendment will "benefit UNI owners who have committed and assigned their tokens." The Uniswap Foundation expressed its belief that the new system would invigorate Uniswap governance and contribute to the Protocol's future success.
The proposition also encompasses an augmented fee framework to "offer an incentive to UNI token holders who have delegated and staked their tokens" on the platform. Koen suggested that UNI token holders would be motivated to select delegates who will actively engage with the protocol and foster its growth and prosperity. A snapshot vote regarding this proposition will be conducted on March 1, 2024, followed by an on-chain vote scheduled for March 8, 2024.
The proposal announces Uniswap's introduction of "Uni.eth" subdomains, utilizing the Ethereum Name Service (ENS) framework. This allows users to transform complex Ethereum hexadecimal addresses into understandable titles. Uniswap Labs announced on an unspecified social media platform on February 22 that "uni.eth is a legible username easing crypto receipts and strengthening web3 profiles."
The Uniswap mobile app allows users to claim their uni-eth name free of charge. Following the proposal, UNI experienced a dramatic surge of over 73% from its commencement at $7.34 to reach a one-day high of $12.76 on February 23. Data from Coinglass also denote Uniswap as the most liquidated token in the past hour. Currently, Uniswap is trading at $10.70.
Published At
2/23/2024 11:00:00 PM
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