Uniswap Foundation token rewards proposal passes temperature check vote

The Uniswap Foundation’s proposed changes to the governance of the popular decentralized exchange Uniswap, including changing the compensation mechanism to reward users who delegate and stake their funds UNI

+33.34%
tokens on the platform, has unanimously passed a temperature control vote.

The temperature check vote – a snapshot to gauge the Uniswap community’s initial sentiment on the proposal’s progress – began on March 1 and passed with 100% of delegates in favor as of today’s conclusion at 1:30 PM ET. There will now be an on-chain vote, which will be posted by the Uniswap Foundation on March 7.

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“We are pleased to be able to strengthen governance – by encouraging not just delegation but also thoughtful and active delegation – by linking delegation to protocol costs,” the Uniswap Foundation wrote in the paper. proposal. “Specifically, we believe that UNI token holders will be incentivized to elect delegates whose votes and involvement in the Protocol will lead to the Protocol’s growth and success.”

If the on-chain voting is successful, the community will have the option to enable fees, allowing the Uniswap protocol to automatically collect and distribute them to voting UNI token holders, and let the board control the fee-related settings. “An Immunefi bug bounty will take effect before a successful on-chain vote is completed,” the Uniswap Foundation added.

The price of Uniswap tokens increases after the proposal

The price of Uniswap’s native token rose by more than 50% to around $11.40 immediately after the proposal was announced on February 23. It’s currently trading at $15.73, according to The Block’s price page – up about 14% in the past 24 hours, 45% over the past week, and 165% over the past month.

UNI/USD price chart. Image: The block/trade view.

About the author

James Hunt is a reporter at The Block, based in Britain. As the writer behind The Daily newsletter, James also keeps you informed of the latest crypto news every weekday. Before joining The Block in 2022, James worked as a freelance writer in the industry for four years, contributing to both publications and crypto project content. James’s coverage covers everything from Bitcoin and Ethereum to Layer 2 scaling solutions, avant-garde DeFi protocols, evolving DAO governance structures, trending NFTs and memecoins, regulatory landscapes, crypto company deals and the immersive metaverse. You can contact James on Twitter or Telegram at @humanjets or email him at [email protected].