Result of Initial Vote to Double Uniswap (UNI) Price Revealed

The Uniswap Foundation has successfully passed a proposal to make changes to the governance of the popular decentralized exchange Uniswap (UNI). This proposal, which focuses on adjusting the fee mechanism to reward users who delegate and stake Uniswap altcoins on the platform, received a unanimous approval in a test vote.

The test vote, which was conducted to gauge the initial opinions of the Uniswap community, began on March 1 and concluded with the approval of all delegates. The Uniswap Foundation will now proceed to publish an on-chain vote on March 7.

In a statement, the Uniswap Foundation expressed excitement about revitalizing governance by promoting careful and active delegation, while tying delegation to protocol fees. By incentivizing UNI token holders to elect delegates who will contribute to the growth and success of the protocol, the Foundation aims to enhance the governance process.

If the on-chain voting proves successful, the community will have the opportunity to activate the fee implementation. This will enable the Uniswap protocol to automatically gather and distribute fees to voting UNI token holders, while granting management the ability to regulate fee-related settings. Additionally, the Uniswap Foundation revealed that an Immunefi bug bounty will be implemented prior to the conclusion of a successful on-chain vote.

Please note that this information is not intended as investment advice.