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Decentralized crypto exchange Uniswap (UNI<\/a>) is skyrocketing after an upgrade was proposed to reward its token holders.<\/p>\n In a new announcement, The Uniswap Foundation says<\/a> the protocol\u2019s governance lead has put forth a proposal that would reward traders who have staked and delegated UNI.<\/p>\n According to the team, the proposal is of utmost importance to the long-term success<\/a> of the protocol.<\/p>\n \u201cPotential Impact: decentralized, resilient, and engaged governance is imperative to the long-term health and success of the protocol. We believe this upgrade will strengthen and invigorate Uniswap governance.\u201d<\/em><\/p>\n News of the proposal sent UNI flying, as the digital asset went from its seven-day of $7.06 to a peak of $11.62 in just 24 hours, a gain of just over 50%. UNI has since retraced and is trading for $11.20 at time of writing.<\/p>\n According to the Uniswap Foundation, the proposal will bring in<\/a> fresh delegates who are proven to be committed to the project.<\/p>\n \u201cWe believe UNI token holders will be incentivized to choose delegates whose votes and engagement with the protocol will lead to the Protocol\u2019s growth and success.<\/em><\/p>\n If this proposal succeeds we believe we will see an influx of new delegation. And because existing delegators will be required to re-delegate to stake their tokens, we will see a shift of \u2018stale\u2019 existing delegation to delegates who have proven their commitment to supporting the protocol. <\/em><\/p>\n Further, this mechanism can run on its own into the future \u2013 continuing to incentivize engaged delegation, without requiring any additional facilitation.\u201d <\/em><\/p>\n Don’t Miss a Beat \u2013 Subscribe<\/a> to get email alerts delivered directly to your inbox <\/span><\/em>
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