The value of UNI surged to its highest point in two years subsequent to the unveiling of a pivotal proposal. This significant uptick is attributed to the proposed implementation of an innovative fee reward mechanism intended for token holders.
Contrary to the broader market’s trend of consolidation, UNI, the proprietary token of the Uniswap Protocol, witnessed an unprecedented surge of over 50% in a matter of minutes, peaking at nearly $11.
The surge in value swiftly followed the introduction by the Uniswap Foundation (UF) of a proposition aimed at establishing a fee mechanism that would remunerate UNI holders who have engaged in staking and delegation of their tokens.
“This proposal endeavors to fortify and enhance Uniswap’s governance framework by incentivizing active, participatory, and judicious delegation,” the team articulated.
Furthermore, the proposal outlines a timeline indicating that barring any significant impediments, the Snapshot vote will be conducted on March 1st, 2024, followed by the on-chain vote on March 8th.
It is pertinent to acknowledge that the recent surge in UNI’s valuation coincides with a broader market trend characterized by consolidation, with predominant cryptocurrencies either maintaining a lateral trajectory or experiencing marginal declines.
On a daily scale, Bitcoin (BTC) and Ethereum (ETH) have each incurred a 1% decrease, while Solana (SOL) has witnessed a decline of approximately 3% over the same period, as per data sourced from CoinGecko.