The Uniswap Foundation postponed the vote for UNI staking and delegation rewards originally set for Friday due to concerns raised by a stakeholder.
This delay led to an 8.5% drop in UNI’s price, which traded at $10.07 on May 31. The Foundation announced that additional diligence was needed for the proposed upgrade, emphasizing its immutable and sensitive nature.
They apologized for the unexpected delay and promised to update the community on future timelines. The proposal, introduced in February, aims to compensate dedicated Uniswap stakers and delegates, requiring UNI holders to delegate their tokens before the vote.
Erin Koen, the foundation’s governance lead, stated that a stakeholder raised a new issue requiring additional diligence, necessitating the postponement. The Uniswap DAO has debated the fee switch for years, with previous proposals failing due to concerns over US securities laws.
The latest proposal, which aims to redirect part of the exchange’s revenue to certain UNI investors, had passed a preliminary vote but now faces delays.
Dan Robinson from crypto venture-capital firm Paradigm accused the Uniswap Foundation of succumbing to pressure from another venture capital firm, criticizing the delay as an attempt to advance their interests.
Image Credit: Pixabay
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