Uniswap Foundation Postpones Fee Switch Vote, UNI Drops 9%

May 31, 2024, 06:03 PM

Uniswap has postponed its highly anticipated vote on the 'fee switch' proposal, which was intended to reward UNI holders for staking and delegating their tokens. The Uniswap Foundation cited a new issue raised by a stakeholder as the reason for the unexpected delay. This postponement has led to a significant drop in the value of the UNI token. Initially, UNI fell by 9% following the announcement, with subsequent reports indicating a 7% decline. The delay has caused uncertainty among investors and stakeholders, impacting the cryptocurrency's market performance.