DeFi
Uniswap Foundation delays vote on fee change
The indefinite delay was because a “stakeholder raised an issue,” the Foundation said.
On a day filled with uncertainty, the Uniswap Foundation announcement this delayed a key vote to improve the governance structure of the protocol.
Last week, the Foundation anticipated that a vote would be held today to upgrade the Uniswap protocol so that its fee mechanism could reward UNI token holders for staking and delegating their tokens.
That vote has been postponed – and one of DeFi’s oldest sagas drags on.
“Over the past week, a stakeholder raised a new issue related to this work that requires additional diligence on our part for a full review,” the Uniswap Foundation said on social media. “Due to the immutable and sensitive nature of the proposed upgrade, we have made the difficult decision to postpone the release of this vote.”
THE Uniswap The Foundation did not immediately respond to a request for comment from The Defiant.
UNI was hit hard by the news, falling 7% to $10.21 today. However, the token is still up 44% over the past 30 days.
UNI Price
Uniswap’s fee change was a point of contention over the years.
People have been asking this question since the launch of Uniswap V2, the second iteration of the protocol, in May 2020. V2 included code to capture 0.05% of trading volume, but this feature, also known as “fee change”, has never been used. activated.
Community members have once again begun pushing for the rate change to be activated in 2023 and 2024, with the first vote scheduled for May 31.
Unfortunately, UNI holders looking to share in the success of the leading decentralized crypto exchange will have to continue to wait. No time frame has been disclosed for the vote to take place.