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Uniswap proposes the creation of a new fee mechanism
UNI’s rapid surge harms Compound
The governance proposal “Activating Uniswap Protocol Governance,” created by Erin Koen, the head of governance at the Uniswap Foundation, is set to be released on March 1, 2024, with on-chain voting starting on March 8, 2024. According to the proposal, the protocol will create a fee mechanism that distributes the collected transaction fee revenue to UNI token stakers.
Since the proposal was published, the UNI token has surged by over 50%, benefiting other similar tokens such as SUSHI and CAKE, which have also risen in tandem. Arthur, the founder of DeFiance Capital, commented that this proposal by the Uniswap Foundation could bring a new catalyst for DeFi applications.
Interestingly, according to information shared by renowned KOL Spreek, the rapid surge of UNI has led to price oracles not keeping up with the price changes, resulting in a $3 million default in the decentralized lending protocol Compound.
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