UNI Surges 50% as Uniswap Proposes Governance Upgrade

The value of UNI, Uniswap governance token, surged over 50% with a trading volume increase of 1,200% to $1.33B over 24 hours.

Over the past 24 hours, the value of UNI, the governance token of the Uniswap decentralized exchange, has increased by more than 50% reaching a two-year high of $12.73. UNI’s trading volume increased by 1,200% during the day, reaching $1.33 billion.

The UNI cryptocurrency has risen to the fifteenth spot in the CoinMarketCap ranking, with a market valuation of $6.7 billion. Following the implementation of a suggestion from the Uniswap Foundation to improve the protocol’s governance framework, this performance has taken place.

Erin Koen, the governance lead for the Uniswap Foundation, presented the proposal stating that the upgrade would reward UNI holders who have staked and delegated their tokens.

Additionally, the plan calls for enhancing the fee mechanism to “reward UNI token holders that have delegated and staked their tokens” on the platform.

“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.”

Regarding this proposition, a snapshot vote is set for March 1, 2024, and an on-chain vote will be published on March 8, 2024. Unisswap has recently implemented “Uni.eth” subdomains using the Ethereum Name Service (ENS) infrastructure.

These subdomains enable users to transform complicated hexadecimal Ethereum addresses into names that are readable by humans. This development is followed by Koen’s suggestion.

“Uni.eth is a readable username that makes it easy to receive cryptocurrency and build your web3 profile,” Uniswap Labs stated in an announcement published on the social networking platform X on February 22.

Users can make a free claim on their university name using the Uniswap mobile application. According to information obtained from l TradingView, the price of UNI increased by more than 73%, starting at $7.34 and reaching an intraday high of $12.76 on February 23. 

This occurred after making the proposal. Coinglass statistics show that Uniswap has been the most liquidated token in the past hour due to the increase.