Altcoins
Altcoin Uniswap DEX (UNI) price drops after project delays. Protocol upgrade
Uniswap’s native asset United fell around 9% on Friday after the decentralized exchange (DEX) announced that it had decided to make a major protocol upgrade.
The DEX had planned on launched an on-chain vote on Friday to implement a proposal that would have enabled a fee mechanism to reward UNI token holders for staking and delegating their tokens.
The upgrade aimed to reduce the governance burden of Uniswap and maintain the “credible neutrality” of the protocol.
However, last week, a stakeholder raised “a new issue related to this work that requires additional diligence,” according to the Uniswap Foundation.
Explain the organization,
“Due to the immutable and sensitive nature of the proposed upgrade, we have made the difficult decision to postpone the release of this vote. This was unexpected and we apologize for the postponement. We will keep the community informed of any significant changes and update you all once we are more sure of future timelines.
Uniswap is the best DEX in terms of 24-hour trading volume and monthly visits, according to CoinGecko.
Following this news, UNI fell from $11.04 to $9.86. The altcoin is nearing its 24-hour low and is trading at $9.93 at the time of writing.
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