A plan for improving protocol management has been proposed by Uniswap Foundation. They want to change how fees from the protocol are shared with UNI token holders. As of 11:00 UTC+8, the proposal led with 10M UNI 100% agreeing to upgrade. Voting will be open until March 7 at 2:30 AM.
The plan involves updating who controls the main UniswapV3Factory contract on the network. This update would let fees from the protocol be collected automatically and without needing permission. By making this change, UNI token holders will have a greater say in how Uniswap is run.
The results of voting
The latest Snapshot voting strongly supports the proposal, with many UNI tokens backing the upgrade. Underscoring how important the proposal is to the Uniswap community and how united they are in wanting governance changes.
After the proposal was announced, the price of UNI tokens increased significantly, reaching over $12.42. This shows that the market liked the idea of the governance changes. Investors felt more confident about Uniswap’s future, which made the UNI token price go up.
UNI token price increased by 15% when the governance proposal was revealed. Proving that investors think the upgrades will be good for Uniswap. The price of UNI is now at $12.42, which is a 14.16% increase compared to yesterday.
The response to Uniswaps’ proposal
In response to the proposal put forward by the Uniswap Foundation, protocol governance and community participation will be enhanced. As evidenced by the overwhelming support from Snapshot voting and the positive market reaction, the community is enthusiastic about these changes. If the proposal succeeds, Uniswap could become more inclusive and decentralized.
The Uniswap community must participate actively in the governance process by voicing their opinions and voting in the Snapshot poll. Community members must engage in the governance decisions of Uniswap in order to contribute to its continued success and growth. Please visit the official Uniswap channels for more information and to join the conversation.
On the broader outlook, The global market cap has reached $2.34 trillion, showing a rise of 2.26% in the past day. However, the total trading volume in the crypto market over the last 24 hours has decreased by 18.11%, now standing at $111.49 billion.
Stablecoins, on the other hand, represent a significant portion of trading activity, with a volume of $98.98 billion, comprising 88.78% of the total market volume. Bitcoin’s dominance in the market is currently at 52.22%, indicating a slight decrease of 0.71% compared to the previous day.