UNI Price Slides 8% As Uniswap Delays Crucial Voting Proposal



In
a
blow
to
the
momentum
of
the
Uniswap
native
token,
UNI,
the
decentralized
exchange
(DEX)
has
been
forced
to
postpone
a
highly
anticipated
proposal
that
would
have
improved
its
token
governance
and
fee
distribution
model. 


Meanwhile,
the
company
is
also
locked
in
a
legal
battle
with
the
US
Securities
and
Exchange
Commission
(SEC)
over
the
regulatory
status
of
its
UNI
token.

How To Get Free Crypto  


Postponed
UNI
Governance
Upgrade
Sparks
Sell-off 


On
Friday,
the
Uniswap
Foundation


announced


that
it
was
delaying
the
deployment
of
the
first
proposal
to
activate
Uniswap
Protocol
Governance.
The
foundation
cited
the
need
for
additional
due
diligence
on
“a
new
issue”
raised
by
a
stakeholder,
underscoring
the
sensitivity
of
the
proposed
upgrade.
The
Foundation
further
stated:


This
was
unexpected,
and
we
apologize
for
the
postponement.
We
will
keep
the
community
apprised
of
any
material
changes
and
will
update
you
all
once
we
feel
more
certain
about
future
timeframes.


Related
Reading


The
shelved


proposal


aimed
to
streamline
Uniswap’s
fee
mechanisms,
allowing
UNI
token
holders
who
have
staked
and
delegated
their
tokens
to
be
rewarded.
It
would
have
increased
the
efficiency
of
fee
adjustments
and
reduced
the
governance
burden
on
delegates
while
maintaining
the
protocol’s
“credible
neutrality.”

The
daily
chart
shows
UNI’s
price
trending
downwards.
Source:

UNIUSD
on
TradingView.com


The
delay
has
had
a
tangible
impact
on
UNI’s
price,
as
seen
in
the
token’s
daily
UNI/USD
chart
above.
The
token
has
slid
down
to
the

key
support
level
at
$10.20—an
8.6%
decline
in
the
past
24
hours.
Should
the
token
fail
to
regain
bullish
momentum
and
the
$10
support
level,
it
could
retrace
further
to
$9.66
and
potentially
as
low
as
$9.33.

Coinbase Banner  


Uniswap
In
High-Stakes
Showdown
With
SEC


Adding
to
Uniswap’s
challenges,
the
company
is
embroiled
in
a
high-stakes
legal
battle
with
the
SEC.
The
regulatory
agency
has


issued
a
Wells
Notice


to
Uniswap
Labs,
signaling
its
intent
to
recommend
enforcement
action
against
the
firm.


Uniswap
Labs
has
pushed
back,


arguing


that
the
SEC’s
case
is
flawed
and
fails
to
recognize
the
distinction
between
tokens
as
stores
of
value
and
tokens
as
securities.
The
company
has
expressed
confidence
in
a
favorable
outcome,
noting
that
its
legal
team
has
a
strong
track
record
of
victories
against
the
SEC,
stating:


But
we’re
prepared
to
fight.
Our
lawyers
are
2-0
in
high-profile
SEC
cases.
Andrew
Ceresney,
a
former
head
of
enforcement
at
the
SEC,
represented
Ripple
in
their
victory
over
the
SEC.
Don
Verrilli,
a
former
U.S.
solicitor
general,
has
argued
more
than
50
cases
before
the
U.S.
Supreme
Court
and
represented
Grayscale
in
its
successful
case
against
the
SEC.


Related
Reading


Despite
these
setbacks,
Uniswap
continues
to
demonstrate
substantial
growth,
with
a
total
value
locked
(TVL)
of
$6.1
billion
and
a
market
capitalization
of
$7.7
billion,
according
to
DeFiLlama


data


Moreover,
CoinGecko


data


shows
that
the
UNI
token’s
trading
volume
has
increased
by
21.5%
over
the
past
24
hours,
reaching
$264
million.

FreeBitcoin Banner  


As
the
Uniswap
community
awaits
updates
on
the
delayed
governance
proposal
and
the
outcome
of
the


SEC
battle
,
the
platform’s
long-term
prospects
will
likely
hinge
on
its
ability
to
navigate
these
challenges
and
maintain
its
position
in
the
market. 


Featured
image
from
Shutterstock,
chart
from
TradingView.com

Go to Source
Author: Ronaldo Marquez


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