Uniswap Fee Allocation Proposal Passes Temperature Check Vote, UNI Surges 10% in the Last 24 Hours

Uniswap Fee Allocation Proposal Passes Temperature Check Vote, UNI Surges 10% in the Last 24 Hours

Uniswap Fee Allocation Proposal Passes Temperature Check Vote, UNI Surges 10% in the Last 24 Hours

The governance proposal “Initiating Uniswap Protocol Governance” put forward by the Uniswap Foundation last month has been unanimously approved through a temperature check vote. The proposal aims to modify the governance mechanism of the decentralized exchange Uniswap, including changing its fee structure to incentivize users who delegate and stake the native token UNI on the platform.

The temperature check vote is a snapshot survey designed to gain a preliminary understanding of the Uniswap community’s views on advancing the proposal. The vote started on March 1st and concluded in the early morning of March 7th (Taiwan time). The results showed that 100% of representatives supported the proposal, and the Uniswap Foundation will now proceed with an on-chain vote today.

In the proposal, the Uniswap Foundation states that if the on-chain vote is successful, the community will have the option to enable fee functionality, allowing the Uniswap protocol to automatically collect fees and distribute them to UNI token holders who vote, as well as enabling governance control over fee-related settings. The Uniswap Foundation has also announced the launch of an Immunefi bug bounty program prior to the successful conclusion of the on-chain vote.

Following the release of the proposal on February 23rd, the price of UNI immediately surged by over 50%, reaching around $11.4. Its current trading price is $14.9, with an increase of approximately 11% in the past 24 hours and over 150% in the past month.

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