Bittime – The price of Uniswap's native UNI token experienced a significant drop of around 9% on Friday (05/31/2024) after the decentralized exchange (DEX) announced a critical delay of the protocol upgrade. The intended improvements include a proposal to introduce a fee mechanism that would reward UNI holders for staking and delegating their tokens.
Reasons for Delay in Launching New Proposals
Uniswap plans to start on-chain voting for this proposal on Friday. This upgrade aims to lighten the burden on Uniswap Governance and maintain the “credible neutrality” of the protocol. However, the Uniswap Foundation reported that new issues were identified that required further investigation, prompting the postponement of the vote.
Read also about Uniswap (UNI), a revolutionary DeFi platform
Check Today's Crypto Market:
Uniswap Foundation Explained
According to the Uniswap Foundation, “Due to the irreversible nature and sensitivity of our proposed upgrade, we have made the difficult decision to postpone the posting of this vote. This was unexpected, and we apologize for the delay. We will keep the community informed of any material changes and will update you all once we feel more confident about future time frames.” Impact on UNI Prices This delay has had a negative impact on UNI prices.
Also read : Uniswap (UNI) and Pendle (PENDLE) prices soar, this is the reason!
Uniswap, recognized as a leading DEX based on 24-hour trading volume and monthly visits according to CoinGecko, saw UNI price fall from $11.04 (Rp. 179,400) to $9.86 (Rp. 160,245) after the announcement. At the time of writing, UNI is trading near its 24-hour low of $9.93 (Rp 161,372.5) .
Also Read How To Buy Crypto:
Delay Emphasizes the Importance of Due Diligence
This delay emphasizes the importance of ensuring due diligence in protocol upgrades, especially considering the decentralized and immutable nature of blockchain technology. Community Remains Vigilant As Uniswap continues to navigate these challenges, the community remains vigilant, awaiting further updates on the future time frame of the upgrade. UNI's price drop likely reflects investors' concerns over the potential for further complications and delays.
Conclusion
It is important to note that the cryptocurrency market frequently experiences price fluctuations, and this drop in UNI may be temporary. However, this delay is an important reminder of the importance of due diligence and transparency in blockchain protocol development.
Check Crypto Prices Today:
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.
Monitor 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.
Read also:
El Salvador President Nayib Bukele Begins Second Term by Leading Bitcoin Adoption
Malaysian Regulators Embrace Blockchain: A Cautious Approach
NOT Records the Highest Record of All Time, Has Reached $0.016!
Web3 Revolution: Arweave and AO Computer Will Soon Integrate Crypto + AI
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.
Comments
0 comments
Please sign in to leave a comment.