This Altcoin Ignored the SEC’s Warning: Voting Begins to Distribute Fees to Token Holders

Despite receiving a warning from the US Securities and Exchange Commission (SEC), Uniswap Foundation is continuing with its plans. The foundation announced on May 31 that it will conduct on-chain voting and prepare the infrastructure for autonomous fee collection and distribution.

The on-chain voting, which will go live next Friday, is part of a proposal that would require additional voting to activate fees on Uniswap V3 pools. UNI token holders who wish to participate in this voting are advised to delegate their cryptocurrencies before the specified date.

Authored by Uniswap Foundation leader Erin Koen, the proposal proposes an upgrade that would reward UNI token holders who stake their tokens and delegate their staked tokens. These people will be able to receive some of the fee income of the protocol. According to data, the protocol has collected a staggering $3.3 billion in fees since its inception.

The foundation also proposes a new mechanism for future voting. This mechanism aims to make fee adjustments more dynamic, reduce the burden on Uniswap Management and maintain the reliable neutrality of the protocol.

*This is not investment advice.

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