- Around 59.89% voted against the amendment.
- UNI’s value has doubled over the past month.
Uniswap [UNI] In the last 24 hours, the price of bitcoin fell more than 5 percent on the back of the rejection of a proposed change that would have allowed the decentralized independent organization (DAO), to modify the protocol’s fees mechanism.
The significance of the proposal
At press time, the governance token for the world’s biggest decentralized exchange (DEX), was trading at less than $15.
This has caused some concern for an asset that had gained 125% during the last month. CoinMarketCap.
On the 3rd March, the factory owner amendment was presented to the Uniswap DAO. The proposal sought to achieve two goals.
First, to increase the participation of UNI holders in the Protocol’s governance and second, create an incentive for holders to delegates their tokens.
The proposal claimed that the DAO would be improved by such changes “more robust” Prevent it from being limited to a single application, thus encouraging more experimentation.
You can also find out more about the A-Team here. snapshot poll A subsequent vote was conducted. Approximately 30 million UNI ballots, or 59.89%, of the total votes cast, were against the amendment.
The snapshot or the vote “temperature check” This is to determine the opinion of the community on the proposed change. It takes place off-chain before the final on chain vote.
But there is much to look forward too
The rejection may have shattered the spirits of many community members. However, the positive news that was released last week could provide some comfort.
The landmark proposal Reward UNI holders that have staked, delegated tokens and passed the snapshot vote with a majority of 100%.
Here’s a list of realistic and not-so-realistic images. UNI’s market cap in BTC’s terms
The platform would be updated if the on-chain vote was successful.
The first mention UNI soared more than 65% in value after the Uniswap Foundation’s proposal. As of this writing, its value has more than doubled since then.
“This article is not financial advice.”
“Always do your own research before making any type of investment.”
Source: ambcrypto.com
