• Uniswap Foundation postponed a proposal upgrade vote that would have allowed rewards for UNI holders who staked and delegated their tokens
• The “fee-switch” vote was supposed to take place today
• UNI token tumbled 9% on the news of the postponed vote
Uniswap recently postponed a proposal upgrade vote that would have enabled rewards for UNI token holders. This news caused the UNI token price to drop nearly 9%.
Background on Proposed Upgrade
The proposed upgrade would have allowed rewards for UNI holders who staked and delegated their tokens. The Uniswap Foundation said the vote was postponed due to a new issue raised by a stakeholder that requires more diligence to fully investigate. They cited the immutable nature and sensitivity of the proposed upgrade as reasons for the difficult decision to delay the vote.
Market Reaction
In reaction to the news, Uniswap’s UNI token fell 8.75% to $10.20.The postponement of the vote adds uncertainty around the future of the rewards proposal. Some UNI holders may have been anticipating the potential for staking rewards.
Conclusion
The market response shows the vote postponement was viewed negatively by traders. It’s unclear when the proposal upgrade vote may be rescheduled. The Uniswap Foundation said they will take time to further vet the new issue raised by a stakeholder before moving forward.
