Uniswap (UNI) Explodes 50% Minutes After a Major Proposal
UNI’s value skyrocketed to a two-year high following this proposed update.
TL;DR
- UNI surged 50% following a proposal for a fee reward mechanism for token holders.
- This rise contrasts with the broader market’s consolidation.
UNI – the native token of Uniswap Protocol – skyrocketed by over 50% in minutes, reaching a nearly two-year high of approximately $11.
The increase happened shortly after the Uniswap Foundation (UF) proposed the creation of a fee mechanism that rewards UNI holders who have staked and delegated their tokens.
“This proposal seeks to invigorate and strengthen Uniswap’s governance system by incentivizing active, engaged, and thoughtful delegation,” the team added.
The proposal also states that if there are no major blockers, the Snapshot vote will be posted on March 1st, 2024, while the on-chain vote will be posted on March 8th.
It is worth noting that UNI’s latest spike comes amid a broad market consolidation, with most leading cryptocurrencies trading sideways or recording minor losses.
Bitcoin (BTC) and Ethereum (ETH) are down 1% on a daily scale, whereas Solana (SOL) has plunged by approximately 3% for the same period (per CoinGecko’s data).
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
New spot margin trading pair — HOLO/USDT!
FUN drops by 32.34% within 24 hours as it faces a steep short-term downturn
- FUN plunged 32.34% in 24 hours to $0.008938, marking a 541.8% monthly loss amid prolonged bearish trends. - Technical breakdowns, elevated selling pressure, and forced liquidations highlight deteriorating market sentiment and risk-off behavior. - Analysts identify key support below $0.0080 as critical, with bearish momentum confirmed by RSI (<30) and MACD indicators. - A trend-following backtest strategy proposes short positions based on technical signals to capitalize on extended downward trajectories.
OPEN has dropped by 189.51% within 24 hours during a significant market pullback
- OPEN's price plummeted 189.51% in 24 hours to $0.8907, marking its largest intraday decline in history. - The token fell 3793.63% over 7 days, matching identical monthly and yearly declines, signaling severe bearish momentum. - Technical analysts cite broken support levels and lack of bullish catalysts as key drivers of the sustained sell-off. - Absence of stabilizing volume or reversal patterns leaves the market vulnerable to further downward pressure.
New spot margin trading pair — LINEA/USDT!
Trending news
MoreCrypto prices
More
