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Home»TRADING NEWS»Uniswap (UNI) fees rise 20% after proposal
TRADING NEWS

Uniswap (UNI) fees rise 20% after proposal

By Crypto FlexsMay 26, 20242 Mins Read
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Uniswap (UNI) fees rise 20% after proposal
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The Uniswap Foundation announced that an on-chain vote on a proposal to establish a new fee mechanism will take place until May 31.

The announcement boosted the value of UNI, the network’s native token, by more than 20%.

Uniswap’s new fee mechanism and what it means

The Uniswap Foundation has outlined important steps to implement autonomous fee collection and distribution in the Uniswap V3 pool.

“If this proposal passes, we will transfer ownership of the mainnet UniswapV3Factory to the newly deployed V3FactoryOwner instance. There is no fee for this vote. This will be achieved in future proposals,” the foundation explained.

Last February, the Uniswap Foundation proposed a fee compensation mechanism for UNI token holders to increase governance participation. Initial reactions showed strong support for the proposal, despite potential legal challenges from the U.S. Securities and Exchange Commission (SEC) for DeFi protocols.

Traditionally, all fees incurred on Uniswap were passed on to liquidity providers (LPs) who supply assets to the platform. The new proposal plans to stake and distribute protocol fees to delegated UNI token holders. Therefore, we encourage active participation within the ecosystem.

According to CryptoFees, Uniswap earned about $3.2 million in fees in the last 24 hours, compared to an average of $3.4 million last week. This protocol handles approximately 30% of all transactions in the decentralized finance sector.

Read more: 12 Best Decentralized Exchanges of 2024

Top 5 Cryptocurrency Fee Generators. Source: CryptoFees

In parallel, the Uniswap Foundation disclosed that it held $41.41 million in fiat and stablecoins and 730,000 UNI tokens as of the end of the first quarter. During this period, the Foundation committed $4.34 million in new grants and disbursed $2.79 million in previously committed grants.

“Fiat (USD) cash and stables will be used for grant making and operational activities, while UNI will be used to reward employee tokens,” the foundation said.

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