Uniswap's governance token UNI gained 60% after a proposal by a key Uniswap Foundation leader to overhaul the protocol's decision-making.The proposal aims to"strengthen and invigorate" Uniswap's governance, and also would reward UNI token holders who staked and delegated their tokens.
"I believe we should upgrade the protocol so that its fee mechanism rewards UNI token holders that have staked and delegated their tokens," Erin Koen wrote in an X post.Koen's proposal is a significant development for the largest decentralized exchange by trading volume, marking a departure from last year's initiative to reward token holders with accrued fees.
UNI was recently changing hands at $12, up nearly 60% over the past 24 hours and reaching its highest price since April 2022. It vastly outperformed the mostly flat price action of bitcoinin a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary, and an editorial committee, chaired by a former editor-in-chief of The Wall Street Journal, is being formed to support journalistic integrity.