Uniswap Postpones Protocol Upgrade Vote; UNI Tumbles 9%
The “fee-switch” vote was supposed to take place today.
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The “fee-switch” vote was supposed to take place today.
The Uniswap Foundation’s balance sheet shows $41.41 million in fiat and stablecoins and 730,000 UNI tokens.
The DEX received a Wells Notice from the regulator, suggesting an enforcement action is imminent. While we don’t know the nature of the potential charges, the news raises the threat of legal jeopardy for decentralized finance.
The upgrade would reward UNI token holders who staked and delegated their tokens, according to the proposal.
The decentralized exchange, which last year moved over to the Cosmos blockchain, just saw $757 million of volume over a 24-hour period.
Uniswap version 3 (v3) has been deployed on Bitcoin sidechain Rootstock by GFX Labs, the team behind trading terminal Oku.
The first-ever token floated on Uniswap was revived by a bunch of developers and is quickly gaining a loyal community.
A New York judge declined to “stretch the federal securities laws to cover the conduct alleged” in a proposed class action complaint seeking to hold Uniswap accountable for “scam tokens” issued on the protocol.
Similar imbalances happened when Terra imploded in May 2022 and after the Silicon Valley Bank crisis hit USDC issuer Circle in March.