Significant Increase in UNI Crypto Price: Uniswap Governance’s Proposal on Voting Power Increased the Price by 14%

Crypto News – A proposal to increase the voting power of underrepresented DAO delegates is being developed by the Uniswap governance.

Significant Increase in UNI Crypto Price: Uniswap Governance’s Proposal on Voting Power Increased the Price by 14%

The proposal aims to give underrepresented delegates 10 million UNI from the DAO’s fund. Up to 2.5 million UNI will be received by the top four candidates; the remaining tokens will be distributed evenly among the remaining contenders.

Delegates must now cast an on-chain vote on the plan, which is presently in temperature check, before they may obtain UNI from the DAO’s treasury. Additionally, the tokens would only be utilized by these delegates to vote, enhancing their influence over ideas for governance. So, they would not be tradeable.

UNI Governance has Faced Heavy Criticism in the Past

Token holders on Uniswap can choose to vote for another entity or for themselves via the DAO. With at least 2.5 million delegated votes, there are more than 30 delegates. Delegates are considered underrepresented at this level. Should the delegation proposal be approved, governance tokens would also be awarded to StableLab, the governance service provider that submitted it.

Many top delegates with considerable voting power have less than 50% vote participation rate, and some even as low as 10% or 0%,

The proposal

The fact that a small number of UNI whales, such as a16z, Dharma, and Gauntlet, control the voting process has led to harsh criticism of Uniswap governance in the past. Large token holders still control a large portion of the present system, making it unlikely for smaller delegates’ votes to have much influence.

Although it is unclear if this is directly connected to the proposal, Uniswap prices have increased dramatically over the last 24 hours. During the Thursday morning Asian trading session, UNI surged from $5.25 to an intraday and 14-week high of $6.33. Outperforming the other cryptocurrency markets, it is currently up 18% on the day. During the past month, as the cryptocurrency markets have recovered, the DeFi exchange token has gained 42%.