"It's different how fast he is, from $6 straight to $12 in a short time."
The UNI cryptocurrency founded by decentralized exchange Uniswap finally managed to see a 60% climb to break through $12.90 when Uniswap Foundation Chief Governance Officer Erin Koen presented a proposal to overhaul the protocol's governance system.
The proposal not only aims to strengthen and intensify the governance of Uniswap but also give a large amount of rewards to UNI token holders who stake and delegate their tokens.
Following that, Koen who made a statement on his X social media account really believes his team should improve the protocol so that the fee mechanism is able to reward UNI token holders.
Koen's proposal is an important development for decentralized exchanges according to trading volume, following an initiative last year that aims to reward them.
In June last year, the Uniswap community rejected a proposal to turn the fees on to most of the exchange's liquidity pools and then distribute a portion of the proceeds among UNI holders.
Meanwhile, in October 2023, Uniswap started charging about 0.15% on crypto exchanges involving Ethereum (ETH), USD Coin (USDC) and other tokens initiated on the protocol interface.
If the proposed overhaul on Friday of this week is approved in a community vote, it will allow unauthorized and programmatic collection of protocol fees including pro-rata distribution to UNI token holders.
As of this writing, the price of UNI has risen by 9.75% to $11.18 in the last 24 hours with a market capitalization of $6 billion and has recorded a jump of 44.95% in the last seven days.
