Uniswap (UNI) price surges by 50% following the introduction of a fee-sharing governance proposal

The UNI governance token of the decentralized exchange Uniswap has experienced a significant surge, increasing by more than 50% in the past 24 hours to reach a two-year high of $12.73. The trading volume of UNI has also seen a massive leap, rising by 1,200% to $1.33 billion. As a result, UNI has now claimed the 15th position on the CoinMarketCap ranking, with a market capitalization of $6.7 billion. This impressive performance follows a proposal by the Uniswap Foundation to upgrade the protocol’s governance system. The proposal aims to reward UNI holders who have staked and delegated their tokens, as well as enhance the fee mechanism to incentivize token holders on the platform. The proposal will undergo a snapshot vote on March 1, 2024, followed by an on-chain vote on March 8, 2024. This proposal comes after Uniswap introduced “Uni.eth” subdomains, allowing users to convert complex Ethereum addresses into human-readable names. Users can claim their uni-eth names for free through the Uniswap mobile app. Following the proposal, UNI experienced a significant jump of over 73% from $7.34 to reach an intraday high of $12.76 on February 23. The rally has also made Uniswap the most liquidated token in the past hour. As of now, Uniswap is trading at $10.70. It is important to note that this article does not provide investment advice or recommendations, and readers should conduct their own research before making any decisions.