- The May 31st on-chain vote by Uniswap will establish the framework for autonomous fee collection and distribution.
- Amidst regulatory obstacles, investor confidence was reflected in the 19.64% price increase of UNI in a single day.
Leading decentralized exchange, Uniswap, is about to hold an on-chain voting event on May 31. This important vote shows the Uniswap Foundation’s resolve to further its goals and was announced in spite of a recent notification from the US Securities and Exchange Commission (SEC) Wells.
Building the foundation for autonomous fee collection and distribution inside the ecosystem is the main goal of the vote. It is noteworthy, nevertheless, that these fees in Uniswap V3 pools will not be activated without more votes.
JUST IN : Uniswap will conduct on-chain voting on May 31st. Despite the previous notification from the US SEC Wells, the Uniswap Foundation continued to move forward. This vote lays the groundwork for autonomous fee collection and distribution; additional votes will be required…
— Crypto News Updates (@CryptoNewsUpd8s) May 25, 2024
A Market Optimism Reflected in the UNI Price Boom
CoinMarketCap data indicates that the native token of Uniswap, UNI, is currently valued at about $10.88. This shows a startling rise of 19.64% during the last day. UNI has also shown a bullish tendency during the last week, rising by a significant 43.38%.
Meanwhile, ETHNews just reported that Uniswap Labs is adamantly opposed to the SEC’s attempt to control decentralized protocols. In an outright denial of the SEC’s authority over its business, Uniswap Labs has said that the agency ought to stop taking enforcement actions.
With this audacious decision, Uniswap Labs highlights the continuous conflict between cutting-edge decentralized finance (DeFi) platforms and conventional regulatory structures.
Considerations for the DeFi Ecosystem
Crucial turning point is being signaled for Uniswap and the larger DeFi ecosystem by the impending on-chain vote and the recent UNI price increase. Approval of the autonomous fee collection and distribution proposal could establish a standard for other decentralized platforms looking to put similar systems into place.