UNI has risen nearly 40% after Uniswap Foundation and Uniswap Labs introduced a joint proposal aimed at improving the supply and demand dynamics of the UNI token.
The Uniswap token rose over 38% after the introduction of a protocol fee switch and burning mechanism that could strengthen UNI.The native token behind Uniswap rallied over 38% after the Uniswap Foundation and Uniswap Labs introduced a proposal aimed at making holding the token more appealing to investors.
They also plan to burn 100 million UNI — roughly 16% of the UNI’s circulating supply — from the treasury, which could further improve the, Unichain — which has generated $7.5 million in annualized fees since its launch nine months ago — will also be sent to the same UNI burn mechanism. “We believe this proposal positions the Uniswap Protocol to win as the default decentralized exchange for tokenized value,” the Uniswap Foundation said.UNI surged by about 38.5% on the news to $9.70, providing the governance token with a much-needed boost after trailing the likes of Bitcoin (The UNIfication proposal also introduces a Uniswap Growth Budget to fund further protocol and ecosystem growth each quarter for industry builders.‘Most hated bull run ever?’ 5 things to know in Bitcoin this week
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