Breaking News: Uniswap Price Soars with Proposed Staking Rewards. What’s Next?

Uniswap (UNI) just got a major boost in its price! Let's take a look at this Uniswap price article in more detail.

Prasanna Peshkar

Prasanna Peshkar

February 24, 2024 5:42 AM

Breaking News: Uniswap Price Soars with Proposed Staking Rewards. What’s Next?

Uniswap (UNI) just got a major boost in its price! It’s all because the Uniswap Foundation suggested some big changes to how the protocol’s governance works. This move has caused quite a stir in the crypto world, with UNI, currently ranked as the 16th largest cryptocurrency by market cap, shooting up by more than 70% in just one day, as reported by Coinmarketcap. Now, it’s sitting at $12.11, marking a significant increase. Let’s take a look at this Uniswap price article in more detail.

Today, Uniswap is making some noise in the market with a price of $12.11. The trading volume over the past 24 hours is a whopping $6.40 billion, showcasing a lot of action. Its market cap stands at $7.33 billion, and it holds a market dominance of 0.37%, showing it’s still holding its ground. The impressive part? UNI’s price surged by a staggering 70.95% in just the last day!

Looking back, Uniswap hit its peak on May 3, 2021, reaching an all-time high of $44.93. Contrastingly, its lowest point was recorded on Nov 5, 2020, when it hit its all-time low of $1.766920. Since then, it’s seen some fluctuations. The lowest price post-all-time high was $3.38, marking a notable cycle low, while the highest UNI price post the last cycle low reached $12.45, showing significant growth.

Currently, the sentiment surrounding Uniswap’s price prediction seems bullish, with investors feeling optimistic. Moreover, the Fear & Greed Index is showing 72, indicating a sentiment of Greed in the market. Looks like Uniswap is in for an interesting ride!

Why the Uniswap Price is UP?

🧵 Biggest week in Uniswap Protocol Governance… ever?

I just proposed a large-scale upgrade to the system. Specifically, I believe we should upgrade the protocol so that its fee mechanism rewards UNI token holders that have staked and delegated their tokens. 🦄

Uniswap’s governance token, UNI, had quite the surge. What sparked this sudden rise? Well, it all came after Erin Koen, the governance lead at Uniswap Foundation, put forward a proposal to revamp the protocol’s governance system.

The goal of this proposal? To give Uniswap’s governance a boost, making it stronger and more dynamic. Not only that, but it also includes a plan to reward UNI token holders who’ve staked and delegated their tokens. Erin Koen expressed his thoughts on the matter, stating, “I believe we should upgrade the protocol so that its fee mechanism rewards UNI token holders that have staked and delegated their tokens,” in a post shared on X. Seems like Uniswap is gearing up for some significant changes!

How high can the UNI price go?

Koen’s proposal marks a significant shift for the largest decentralized exchange out there, especially considering the previous approach taken last year. Back then, the focus was on rewarding token holders with accrued fees. However, things didn’t go as planned. Last June, the Uniswap community opted out of a proposal that would’ve activated fees for many of the exchange’s liquidity pools, with plans to share a portion of the revenue among token holders.

Fast forward to October, the exchange made a move by introducing a 0.15% fee on crypto swaps involving ETH, USDC, and other tokens initiated on the protocol’s interface.

Now, with Friday’s proposal for an overhaul up for community voting, things could take a new turn. If approved, it would allow for the collection of protocol fees in a permissionless and programmatic way. These fees would then be distributed proportionally to UNI token holders who’ve staked and delegated their votes. It’s definitely a potential game-changer for the Uniswap ecosystem!

So, here’s the deal: if you’re holding onto some tokens and decide to stake them, meaning you pledge them to the network, you’ll get some rewards in return. Now, for those of you who’ve got your hands on Uniswap’s governance token, UNI, you’ve got a say in how things are run around. It’s like being part of the decision-making squad! 

And guess what? There’s a big vote coming up on March 1st. It’s your chance to weigh in on this proposal and shape the future of the protocol. So, mark your calendars and get ready to make your voice heard!

With the proposed changes to how Uniswap is managed, folks are curious about where the UNI token price could head. If the plan gets the thumbs up and goes into action smoothly, it might make UNI tokens more valuable. That’s because more people could want them to join in the governance stuff and earn rewards. 

Imagine if there aren’t many UNI tokens floating around—prices could shoot up even more. Plus, the idea of getting rewards for helping run things might attract even more folks to grab UNI tokens. 

But it’s tricky to say exactly how high the price might go. It depends on what everyone thinks, how other cryptocurrencies are doing, and if these governance changes actually work well. Still, if things go smoothly and people really like the changes, UNI tokens could be in for a nice ride up in price.

Where to Buy UNI?

Bitget stands out as a viable platform to purchase UNI. Known for its security and user-friendly interface, Bitget makes starting your cryptocurrency investment journey straightforward. To buy UNI on Bitget, simply create an account, complete the necessary KYC procedures, deposit funds, and execute your purchase.

Prasanna Peshkar
Article By

Prasanna Peshkar

Prasanna Peshkar is a seasoned writer and analyst specializing in cryptocurrency and blockchain technology. With a focus on delivering insightful commentary and analysis, Prasanna serves as a writer and analyst at CryptoTicker, assisting readers in navigating the complexities of the cryptocurrency market.

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