DEX users’ support of a fee share proposal for Uniswap appears to be backing UNI’s rally to a 2-year price high.
UNI, the governance token of the Uniswap decentralized exchange, has rallied 46% to trade above $17, levels last seen in January 2022.
UNI’s performance is accompanied by a 120% leap in trading volume over the last 24 hours to $1.18 billion. Its market capitalization has increased by 44% over the past week to $9.4 billion, making it the 16th largest cryptocurrency by market capitalization.
This follows a proposal by the Uniswap Foundation to upgrade the protocol’s governance for fee redistribution with an aim to increase community involvement. The upgrade will particularly focus on distributing the protocol fee to holders of the UNI token.
