Uniswap Records Losses as Fee-Sharing Vote Gets Postponed
Decentralized crypto exchange Uniswap (UNI) plunged in price following a shift in the 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 a price fall taking the baton from Ethereum (ETH) which saw losses this week above 0.1% after anticipation of spot ETF approvals subsized. UNI exchanges hands at $10.86 marking a 7% daily drop below other crypto assets in the top 20 by market capitalization. This sharp fall has reduced the monthly figure to 41.72% 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 Spurred Uniswap
Uniswap was meant to 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.
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