First Voting Completed For The Major Modification That Doubled The Price Of Uniswap (UNI) When It Was First Announced: Here’s the Result

The Uniswap Foundation’s proposed changes to the governance of the popular decentralized exchange Uniswap (UNI) passed unanimous pre-vote. The proposal, which involves changing the fee mechanism to reward users who delegate and stake Uniswap altcoins on the platform, received 100% approval in a test vote.

The test vote is a snap poll designed to gauge the Uniswap community’s initial opinions on the offering. Voting started on March 1 and ended today with the approval of all delegates. Uniswap Foundation will now publish an on-chain vote on March 7.

The Uniswap Foundation announced that it is excited to revitalize governance by encouraging careful and active delegation, not just delegation, but by tying delegation to protocol fees. “Specifically, we believe that UNI token holders will be incentivized to elect delegates whose votes and participation in the protocol will lead to the growth and success of the protocol,” the Uniswap Foundation wrote in the proposal.

If the on-chain voting is successful, the community will then have the option to turn on the fee implementation. This will allow the Uniswap protocol to automatically collect and distribute fees to voting UNI token holders and allow management to control fee-related settings. Uniswap Foundation also announced that an Immunefi bug bounty will go into effect prior to the conclusion of a successful on-chain vote.

*This is not investment advice.

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