The Uniswap Foundation’s proposed changes to the governance of popular decentralized exchange Uniswap, including changing its fee mechanism to reward users who delegate and stake their United
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The temperature check vote – an instant poll to gauge the Uniswap community’s initial sentiment about the proposal’s progress – began on March 1 and pass with 100% of delegates in favor after concluding today at 1:30 p.m. ET. An on-chain vote will now follow, which will be published by the Uniswap Foundation on March 7.
“We are excited to reinvigorate governance – encouraging not just delegation, but thoughtful and active delegation – by tying delegation to protocol fees,” the Uniswap Foundation wrote in the proposal. “Specifically, we believe that UNI token holders will be incentivized to choose delegates whose votes and commitment to the protocol will lead to the growth and success of the protocol.”
If on-chain voting is successful, the community will then have the option to enable fees, allowing the Uniswap protocol to automatically collect and distribute them to voting UNI token holders, and let governance control settings related to fees. “An Immunefi bug bounty will go into effect prior to the conclusion of a successful on-chain vote,” added the Uniswap Foundation.
Uniswap token price increases following proposal
The price of Uniswap’s native token jumped more than 50% to around $11.40 immediately after the proposal was announced on February 23. It’s currently trading at $15.73, according to The Block’s pricing page, up about 14% in the past 24 hours, 45% over 2021 last week, and 165% over the past month .
UNI/USD price chart. Image: Le bloc/TradingView.
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