Uniswap (UNI) has emerged as the highest-gaining cryptocurrency after its price soared by over 74% in the last 24 hours, according to data from CoinMarketCap. This massive jump also comes with an unbelievably huge increase in trade volume, soaring by an astounding 1752%. Consequently, UNI has secured its position as the top gainer in the crypto market.
As of the latest data available, the price of UNI is exchanging hands at $12.70, reaching its highest point in 23 months. At the same time, volumes within 24 hours have touched an impressive $7.17 billion, with a market capitalization capped at $7.60 billion.
Furthermore, UNI has gained over 73% in the last week and an astonishing 112% higher on a monthly time frame; massive gains are also prolonged outside of the daily time frame.
Further analysis by Etherscan shows interesting activity, as one major wallet withdrew 43,435 UNI tokens ($309k) from Binance immediately before the UNI price went into an upward spiral. In just one day, this wallet now holds 369,251 UNI tokens ($4.1M), displaying a monster gain of $1.48M.
Driving Force Behind The Uniswap Price Surge
This surge is attributed to Uniswap’s latest proposal. The upgrade is designed to strengthen governance involvement, improve resilience, and recognize token holders for their active participation in the Uniswap ecosystem.
A fee mechanism to incentivize UNI token holders who stake and delegate their tokens is central to the proposed upgrade. According to the announcement, actively engaging in governance enables token holders to earn extra rewards through protocol fees.
Moreover, the proposed upgrade aims to strengthen Uniswap Governance alongside the increased rewards, enhancing its resilience and decentralization. Erin Koen, the UF Governance Lead, underscores the significance of decentralized, resilient governance for the Protocol’s long-term health and success.
Erin Koen further stated that:
I’m excited to engage with the community to discuss the implications of these proposed changes, our rationale in making these design choices, and, in general, the future of the Uniswap Protocol.
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