Uniswap's Native Asset UNI Price Dip Due to Delay in Protocol Upgrade

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by Giorgi Kostiuk

2 years ago

Made with AI

Uniswap experienced a setback as its native asset UNI faced a decline of approximately 9% on Friday following the decentralized exchange's decision to delay an important protocol upgrade. Originally, the DEX had scheduled an on-chain vote for Friday to push through a proposal introducing a fee mechanism to incentivize UNI token holders who have staked and delegated their tokens. The upgrade's purpose was to ease the burden on Uniswap Governance and preserve the protocol's impartiality. However, a stakeholder highlighted a critical issue necessitating further scrutiny, prompting the Uniswap Foundation to postpone the vote. The Foundation acknowledged the unforeseen nature of the delay and pledged to update the community on any significant developments when more clarity is obtained.

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