The price of Uniswap (UNI) gained 50% after the management proposal of payment sharing
UNI, the governing token of Uniswap's decentralized exchange, has gained more than 50% in the past 24 hours to reach a two-year high of $12.73.
UNI's trading volume jumped 1,200% on the day to rest at $1.33 billion. With a capitalization of $6.7 billion, UNI ranks 15th in the CoinMarketCap ranking.
This implementation follows a proposal by the Uniswap Foundation to improve the protocol management system.
According to Uniswap Foundation Executive Director Erin Coyne, “The amendment will reward UNI holders who have made and represented the Uniswap Foundation.
Potential impact
Decentralized, resilient and engaged governance is critical to the long-term health and success of the protocol. We believe this reform will strengthen and empower Uniswap's governance.
— Uniswap Foundation (@UniswapFND) February 23, 2024
The proposal also includes enhancing the payment mechanism to “reward UNI token holders who have represented and tokenized” on the platform.
But Koinu said, “All of you are great.”
“In particular, we believe that UNI token holders will be encouraged to elect representatives whose voice and engagement with the protocol will guide the development and success of the protocol.”
An instant vote on this proposal will be held on March 1, 2024, and an on-chain vote will be posted on March 8, 2024.
Cohen's proposal comes after Unisswap released “Uni.eth” subdomains using the Ethereum Name Service (ENS) infrastructure, allowing users to convert complex hexadecimal Ethereum addresses into human-readable names.
In a February 22 announcement on X's social media platform, Uniswap Labs said “uni.eth is a readable username that makes it easy to adopt crypto and build your Web3 profile.”
Say goodbye to 0x addresses
And peace. – Your unique web3 username
Your uni.eth is a readable username that makes it easy to receive crypto and build your web3 profile.
Uniswap mobile app ⤵️ Claim your Uni.eth for free pic.twitter.com/zujmsntHy2
— Uniswap Labs (@Uniswap) February 22, 2024
Users can request their Uni-eth name for free through the Uniswap mobile app.
Related: Price Analysis 2/21: BTC, ETH, BNB, SOL, XRP, ADA, AVAX, DOGE, LINK, DOT
Following the proposal, UNI jumped more than 73% from an opening of $7.34 to a high of $12.76 on Feb. 23, according to data from Cointelegraph Markets Pro and TradingView.
The rally has seen Uniswap become the most liquid token in the past hour, according to data from Coinglass.
At the time of publication, Uniswap was trading at $10.70.
This article does not contain investment advice or recommendations. Every investment and business activity involves risk, and readers should do their own research when making a decision.
