Crypto wallets affiliated with the team at top decentralized exchange (DEX) Uniswap sold off some of their UNI holdings during the recent price rally, according to on-chain data.
first reported Addresses linked to Uniswap sold $1.03 million worth of UNI for $11.48, according to blockchain tracking firm Lookonchain.
“Uniswap team/investor/advisor wallet sold 90,000 UNI for 1.03 million USDC at $11.48 after UNI price increase.
The wallet received 5.44 million UNI (currently $62.46 million) and currently holds 926,000 UNI ($10.63 million).”
UNI recently rose more than 70% from its weekly low of $7.06 following the team’s proposal to change Uniswap’s fee structure to reward those who stake and delegate UNI.
According to the team, this proposal is paramount to the long-term success of the protocol.
“Potential Impact: Decentralized, resilient, and participatory governance is essential to the long-term health and success of the protocol. We believe this upgrade will strengthen and revitalize Uniswap governance.”
The Uniswap Foundation also said that the proposal would bring in new representatives who have proven to be committed to the project.
“We believe that UNI token holders will be incentivized to vote and choose representatives whose participation in the protocol will lead to the growth and success of the protocol.
I believe that if this proposal is successful, it will attract new delegates. And since existing delegators will need to re-delegate to stake their tokens, we will see ‘old’ existing delegators being converted to delegators that have proven their commitment to supporting the protocol.
This mechanism can also run on its own in the future. Participatory delegation can be consistently encouraged without additional facilitation.”
As of this writing, UNI is trading at $10.89, up more than 3% in 24 hours.
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