Uniswap’s native asset, UNI, experienced a decline of approximately 9% on Friday following the announcement by the decentralized exchange (DEX) that it would be postponing an important protocol upgrade. Originally, the DEX had planned to conduct an on-chain vote to implement a proposal that would reward UNI token holders who have staked and delegated their tokens with a fee mechanism. The purpose of this upgrade was to ease the burden on Uniswap Governance and uphold the protocol’s “credible neutrality.”
However, in the past week, a stakeholder brought up a new issue related to the upgrade that required further investigation, as stated by the Uniswap Foundation. The organization explained, “Due to the unchangeable nature and sensitivity of our proposed upgrade, we have made the difficult decision to delay the voting process. This postponement was unexpected, and we apologize for any inconvenience caused. We will keep the community informed of any significant developments and provide updates when we have a clearer timeline.”
CoinGecko reports that Uniswap is the leading DEX in terms of 24-hour trading volume and monthly visits. Following the announcement, the price of UNI fell from $11.04 to $9.86. The altcoin is currently trading near its lowest point in the past 24 hours, at $9.93 at the time of writing.
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