TL;DR
- UNI surged 50% following a proposal for a fee reward mechanism for token holders.
- This rise contrasts with the broader market’s consolidation.
UNI – the native token of Uniswap Protocol – skyrocketed by over 50% in minutes, reaching a nearly two-year high of approximately $11.
The increase happened shortly after the Uniswap Foundation (UF) proposed the creation of a fee mechanism that rewards UNI holders who have staked and delegated their tokens.
“This proposal seeks to invigorate and strengthen Uniswap’s governance system by incentivizing active, engaged, and thoughtful delegation,” the team added.
The proposal also states that if there are no major blockers, the Snapshot vote will be posted on March 1st, 2024, while the on-chain vote will be posted on March 8th.
It is worth noting that UNI’s latest spike comes amid a broad market consolidation, with most leading cryptocurrencies trading sideways or recording minor losses.
Bitcoin (BTC) and Ethereum (ETH) are down 1% on a daily scale, whereas Solana (SOL) has plunged by approximately 3% for the same period (per CoinGecko’s data).
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