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UNI Token Skyrockets 60% on Governance Overhaul Proposal

Feb 24, 2024

UNI Token Skyrockets 60% on Governance Overhaul Proposal
UNI Token Skyrockets 60% on Governance Overhaul Proposal
UNI Token Skyrockets 60% on Governance Overhaul Proposal

Uniswap's governance token UNI surged by approximately 60% following a proposal to revamp the protocol's governance system, put forth by Erin Koen, the governance lead at Uniswap Foundation. The proposal, if approved through a community vote, would introduce a mechanism to collect protocol fees programmatically and distribute them proportionally to UNI token holders who have staked and delegated their votes. This initiative aims to enhance and revitalise Uniswap's governance structure. Currently trading at $12, UNI's price has reached its highest level since April 2022, significantly outpacing the relatively stable performance of Bitcoin and the broader CoinDesk 20 Index over the past 24 hours.