Uniswap Leads Crypto Weekly Gains In Users Await Fee-Sharing Vote

Technology

Uniswap Leads Crypto Weekly Gains In Users Await Fee-Sharing Vote – Crypto News

Published

1 year ago

May 31, 2024

Dripp

Decentralized crypto exchange Uniswap (UNI) surging in price following a new revenue-sharing vote with its community. This comes as the digital asset market records weekly gains and picks up in daily numbers. The total market capitalization today stands at $2.56 trillion, soaring 0.5% as bulls seek to accumulate after mid-week lows.

Uniswap price saw growth taking the baton from Ethereum (ETH) which saw the highest gains last week above 22% after anticipation of spot ETF approvals. UNI exchanges hands at $10.86 marking a 20% weekly jump above other crypto assets in the top 20 by market capitalization. This sharp rise has extended the monthly figure above 53% although daily projections have moved sideways.

Uniswap’s trading volumes saw grew 19% alongside more on-chain growth following new developments. Last week, Uniswap processed $20 billion worth of trades as decentralized finance (DeFi) protocols see increased Assets Under Management (AUM).

Revenue Sharing Spurs Uniswap

Uniswap will vote on the “fee switch” today which will allow token holders to share in revenues. The also disclosed its financials ahead of the vote in a bid to distribute free autonomously.

“Next Friday, May 31, the UF will initiate the on-chain vote to upgrade the Protocol so that its fee mechanism can reward UNI token holders that have staked and delegated their tokens. If you are a UNI holder who wants to vote on this proposal, you **must** have your UNI delegated…”

However, while this is laudable, some Uniswap’s users fear it might attract the Securities and Exchange Commission’s (SEC) tough regulations.

Wider Market Recovers

The cryptocurrency market has shown a slight recovery following bearish fears leading to outflows. Today, a turnaround sees Bitcoin (BTC) and Ethereum with gains of 0.75% and 1.24% respectively. Bitcoin trades at $68,643 while Ethereum is at $3,816. Other assets like BNB, and Solana (SOL) also saw slight inflows. Meme coins rallied on the back of new sentiment in the market.

Also Read: Biggest Crypto Airdrops To Checkout In June 2024