Uniswap (UNI) Reaches Two-Year High Amid Growing Community Backing for Fee Redistribution Proposal Before Deadline

Uniswap (UNI) has surged to a two-year high amid growing support for a fee share proposal ahead of the deadline. The governance token of the decentralised exchange Uniswap has seen a 46% increase, reaching over $17. This rally is accompanied by a remarkable 120% surge in trading volume over the past 24 hours, totaling $1.18 billion. With a market capitalization of $9.4 billion, UNI has climbed to become the 16th largest cryptocurrency by market cap. The proposal by the Uniswap Foundation aims to upgrade the governance of the protocol to redistribute fees, thereby encouraging greater community involvement. This proposal, announced on Feb. 23, seeks to reward UNI token holders who stake and delegate their tokens by enhancing the mainnet UniswapV3Factory contract to allow for permissionless and programmatic collection of protocol fee revenue. The Uniswap community has welcomed this initiative, viewing it as a means to bolster the governance structure and empower UNI token holders in decision-making processes. Snapshot voting for the proposal began on March 1 and will continue until March 7.