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.”
Potential Impact
— Uniswap Foundation (@UniswapFND) February 23, 2024
Decentralized, resilient, and engaged governance is imperative to the long-term health and success of the Protocol. We believe this upgrade will strengthen and invigorate Uniswap governance.
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.”
Say goodbye to 0x addresses
— Uniswap Labs (@Uniswap) February 22, 2024
And hello to . – your unique web3 username
Your uni.eth is a readable username that makes it easy to receive crypto and build your web3 profile
Claim your uni.eth for free in the Uniswap mobile app ⤵️ pic.twitter.com/zujmsntHy2
Users can claim their uni-eth name for free through the Uniswap mobile app.
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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.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.