A crypto wallet associated with the team behind major decentralized exchange (DEX) Uniswap has sold off some of its UNI holdings during the latest price surge, according to on-chain data.
First reported by blockchain tracking company Lookonchain, an address linked to Uniswap, sold UNI for just over $1.03 million to UNI for $11.48.
“A Uniswap Team/Investor/Advisor wallet sold 90,000 UNI for 1.03 million USDC for $11.48 after the price of UNI increased.
The wallet received 5.44 million UNI ($62.46 million currently) and currently contains 926,000 UNI ($10.63 million).
UNI recently rose more than 70% from its weekly low of $7.06, following a proposal by the team to change Uniswap’s fee structure to reward those who staked and delegated UNI.
According to the team, the proposal is of utmost importance for the long-term success of the protocol.
“Potential Impact: Decentralized, resilient and engaged governance is imperative for the long-term health and success of the Protocol. We believe this upgrade will strengthen and strengthen Uniswap’s governance.”
The Uniswap Foundation also says the proposal will do that Insert new delegates who have proven their commitment to the project.
“We believe that UNI token holders will be incentivized to elect delegates whose votes and involvement in the Protocol will lead to the Protocol’s growth and success.
If this proposal is successful, we expect an influx of new delegations. And because existing delegators will have to redelegate to stake their tokens, we will see a shift from ‘outdated’ existing delegations to delegates that have proven their commitment to supporting the protocol.
Furthermore, this mechanism can continue to function on its own in the future – continuing to encourage committed delegation without the need for any additional facilitation.”
At the time of writing, UNI is trading at $10.89, up more than 3% in 24 hours.
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Featured image: Shutterstock/Keith Tarrier