Uniswap Foundation delays vote on staking rewards

The Uniswap Foundation has decided to postpone the highly anticipated vote that would have brought the decentralized exchange closer to activating its “fee change” and offered incentives to UNI token holders who staked and delegated their tokens.

This decision to delay the vote, according to the foundation, was due to an issue raised by one of the stakeholders regarding the proposal, which led to further review by the foundation.

In the announcement Made on the Uniswap DAO governance forum, Erin Koen, the foundation’s principal, asserted that thorough vetting is important due to the immutable and sensitive nature of this proposed upgrade.

“Over the past week, a stakeholder has raised a new issue related to this work that requires additional diligence on our part for a full review,” Koen said. However, he did not name the stakeholders or the issue raised.

Since then, after the vote postponement was announced, the value of Uniswap’s UNI token has declined significantly as it fell by over 7% to $9.95. It had previously jumped 20% ahead of the vote which promised major rewards for UNI investors.

Uniswap UNI token fell shortly after vote postponement announcement | Image source: CoinMarketCap

For years, the Uniswap DAO has been discussing activating a fee switch. Several previous proposals have failed, primarily due to fears of violations of U.S. securities laws. The most recent proposal, authored by the Uniswap Foundation, was designed to address these concerns and received community support in an advisory vote known as a “temperature check” held earlier this year.

In response to the announcement, Dan Robinson, a partner at crypto venture capital firm Paradigm, criticized the Uniswap Foundation’s decision to delay the vote, calling it a withdrawal under pressure from another venture capital firm. anonymous – some crypto members. the community is unhappy about this.

“It’s disappointing to see a large venture capitalist trying to bully the token governance process and delay community proposals at the last minute in order to advance their own pet projects,” Robinson wrote in a tweet.

However, the crypto space is still waiting for further updates on the proposed fee change and how it could affect UNI token holders from none other than the Uniswap Foundation.

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