Bittime - The Uniswap Foundation has just announced a vote regarding a new fee system proposal. Voting, which will be carried out on-chain (directly on the blockchain), is scheduled to last until May 31.
Interestingly, this announcement immediately boosted the price of Uniswap's native token, UNI, by 4% in the last 24 hours, touching IDR 180,092 ($11.21).
Uniswap Foundation Proposal
The proposal submitted by the Uniswap Foundation aims to implement an independent fee collection and distribution system on the Uniswap V3 pool. If the proposal is approved, ownership of UniswapV3Factory on mainnet will be transferred to a new instance called V3FactoryOwner.
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However, it should be noted, this vote will not yet activate the imposition of fees. Decisions regarding activation fees will be addressed in a separate proposal in the future.
Previously, in February, the Uniswap Foundation proposed a fee reward mechanism for UNI token holders . The aim is of course to increase participation in the Uniswap governance process.
Also read: Uniswap Prepares V4 Upgrade, UNI Price Increases 15% in a Week
Despite the potential for legal problems with the SEC regarding DeFi regulations, this proposal has received a positive response from the community. During this time, all fees generated by Uniswap are channeled to liquidity providers (LPs) who supply assets to the platform.
This new proposal plans to distribute protocol fees to UNI token holders who stake and delegate, thereby hopefully encouraging active participation in the Uniswap ecosystem.
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Financial Transparency: Uniswap Foundation Opens Up
According to CryptoFees , Uniswap earned around IDR 51.2 billion ($3.2 million) in trading fees over the last 24 hours. Their average weekly income reached IDR 54.4 billion ($3.4 million).
Also read: Uniswap Launches Mobile Application, Comes with Blast Integration!
Not surprisingly, this protocol handles around 30% of all trades in the decentralized finance (DeFi) sector.
Apart from announcing the voting on the new fee system, the Uniswap Foundation also revealed their financial reports for the first quarter. The foundation is known to have assets in the form of cash and stablecoins worth IDR 662.56 billion ($41.41 million) as well as 730,000 UNI tokens.
During this period, the Uniswap Foundation issued new grant funds amounting to IDR 69.44 billion ($4.34 million). In addition, they realized previously approved grants worth IDR 44.64 billion ($2.79 million).
Cash and stablecoins are allocated for grants and operations, while UNI tokens are reserved for employee rewards. This financial openness aims to build trust and transparency among stakeholders ahead of voting on the new fee system.
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Uniswap vs SEC: The Fight Continues
In the midst of internal improvement efforts, Uniswap is still facing a legal battle with the SEC. This DeFi protocol recently filed a response to the SEC's allegations. Uniswap urged the SEC to drop the lawsuit.
A notice from the SEC last April accused Uniswap of violating securities laws by operating as an unregistered broker and stock exchange.
Uniswap Labs argues that the SEC does not have the jurisdiction to regulate their decentralized protocol under the current legal categorization.
How to Buy Uniswap (UNI) on Bittime
You can buy and sell Uniswap (UNI) in an easy and safe way via Bittime. Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.
Uniswap (UNI) is available on Bittime with the market pair UNI/IDR. To be able to buy UNI IDR at Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.
Learn the complete guide on how to buy Uniswap (UNI) on Bittime.
Monitor the price chart movements of Uniswap (UNI), Bitcoin (BTC), Ethereum (ETH), Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
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DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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