The Uniswap Foundation, the organization that governs the decentralized exchange Uniswap, postponed the vote. UNI
-6.73%
The postponement brought further attention as “stakeholders” discussed their concerns with the foundation. UNI’s price fell following the announcement.
“Last week we announced that the first proposal to enable Uniswap protocol governance will be deployed on-chain today,” the foundation wrote on social media platform “Due to the immutability and sensitivity of our proposed upgrade, we have made the difficult decision to postpone publishing this vote.”
“This was unexpected and we apologize for any delays. We will keep our community informed of any significant changes and update you when we have more certainty about our future schedule,” he added.
According to The Block Price, Uniswap’s UNI token was trading at $10.20 as of 2:00 PM (18:00 UTC) on May 31, after falling 8.7% over the past day.
Introduced in February, the offering aims to reward dedicated Uniswap holders and representatives for high levels of participation. To prepare for the originally scheduled May 31 vote, UNI holders were required to delegate their tokens to the platform before voting began, the Uniswap Foundation explained a week ago.
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MK Manoylov has been a reporter for The Block since 2020, joining just before Bitcoin surpassed $20,000 for the first time. Since then, MK has written nearly 1,000 articles for publications covering all cryptocurrency-related news, preferring NFTs, metaverse, web3 games, fundraising, crime, hacking, and cryptocurrency ecosystem stories. MK holds a graduate degree from New York University’s Science, Health, and Environmental Reporting Program (SHERP) and has also covered health topics for WebMD and Insider. X You can follow MK at @MManoylov and on LinkedIn.