UNI, the governance token of the Uniswap decentralized exchange, has gained more than 50% over the last 24 hours to reach a two-year high of $12.73.
UNI’s trading volume has made a 1,200% leap on the day to rest at $1.33 billion. With a market capitalization of $6.7 billion, UNI has claimed the 15th position on the CoinMarketCap ranking.
This performance comes after a proposal by the Uniswap Foundation to upgrade the protocol’s governance system.
According to the proposal submitted by Uniswap Foundation’s governance lead, Erin Koen, the “upgrade would reward UNI holders who have staked and delegated their tokens.”
The proposal also includes enriching the fee mechanism to ”reward UNI token holders that have delegated and staked their tokens” on the platform.
Koen said,
“Specifically, we believe UNI token holders will be incentivized to choose delegates whose votes and engagement with the protocol will lead to the Protocol’s growth and success.” A snapshot vote for this proposal will take place on March 1, 2024, and an on-chain vote will be posted on March 8, 2024.
Koen’s proposal comes after Unisswap rolled out “Uni.eth” subdomains using the Ethereum Name Service (ENS) infrastructure, allowing users to convert complex hexadecimal Ethereum addresses into human-readable names.
In an announcement on the X social media platform on Feb. 22, Uniswap Labs said, “uni.eth is a readable username that makes it easy to receive crypto and build your web3 profile.”
Users can claim their uni-eth name for free through the Uniswap mobile app.
Following the proposal, UNI jumped over 73% from the opening of $7.34 to reach an intraday high of $12.76 on Feb. 23, according to data from Cointelegraph Markets Pro and TradingView.
The rally has also seen Uniswap become the most liquidated token in the past hour, according to data from Coinglass.
At the time of publishing, Uniswap was trading at $10.70.
Source : Cointelegraph by Nancy Lubale / Feb 23, 2024