DeFi
Uniswap token drops 7% due to delay in fee change vote – DL News
- Uniswap Foundation delays vote on proposed “fee change” for UNI token.
- The UNI token fell 7% on Friday.
- If enabled, the fee change would direct a portion of the revenue generated by Uniswap to certain UNI investors.
The Uniswap Foundation on Friday delayed a highly anticipated vote that is expected to bring the world’s largest decentralized exchange closer to activating its so-called “fee change.”
Uniswap token, UNI, fell more than 2% after founding said this would delay the vote, continuing a decline that began Friday morning. UNI was down more than 7% from its Friday intraday high of $11.04.
“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,” Erin Koen, foundation governance officer, wrote Friday on the Uniswap DAO governance forum.
“We will keep the community informed of any significant changes and will update you all once we are more certain of future timelines,” he said.
Koen did not name the stakeholder or the issue they raised and did not immediately respond to DL News” request for comment.
The Uniswap DAO, the cooperative that governs Uniswap, has been debating enabling the fee change for years.
Previous proposals have failed, largely because of concerns they would run afoul of U.S. securities laws.
The latest proposal was authored by the Uniswap Foundation, a non-profit organization responsible for supporting the Uniswap exchange. The fee change would divert some of the exchange’s revenue to some UNI investors.
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It passed a non-binding “temperature check” vote earlier this year. A binding blockchain-based vote was set to begin on Friday.
Dan Robinson, general partner at crypto venture capital firm Paradigm, accused the Uniswap Foundation for giving in to pressure from another anonymous venture capital firm.
“It is 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,” he wrote on .
Robinson did not elaborate on his message and did not immediately return DL News” request for comment.
Uniswap Foundation CEO Devin Walsh declined to comment when contacted by DL News.
Aleks Gilbert is a DeFi correspondent at DL News. Do you have any advice? Send him an email to aleks@dlnews.com.