UNI, the native asset of Uniswap, experienced a significant drop of approximately 9% on Friday. This decline came after the decentralized exchange announced that it would be postponing an important protocol upgrade. Initially, Uniswap had planned to conduct an on-chain vote to implement a proposal that would have rewarded UNI token holders who had staked and delegated their tokens with a fee mechanism. The purpose of this upgrade was to alleviate the burden on Uniswap Governance and maintain the protocol’s impartiality.

However, in the past week, a stakeholder raised an unforeseen issue related to the proposed upgrade that required further investigation. Due to the sensitive and unalterable nature of the upgrade, Uniswap made the difficult decision to delay the vote. The organization assured the community that it would provide updates as soon as more certainty about the timeline of the upgrade was established.

Uniswap is currently the leading decentralized exchange in terms of 24-hour trading volume and monthly visits. Following the announcement, the price of UNI dropped from $11.04 to $9.86. At the time of writing, the altcoin was trading at $9.93, hovering close to its 24-hour lows.

For the latest news and updates, be sure to subscribe to our email alerts and follow us on social media platforms such as X, Facebook, and Telegram. Remember to exercise caution and conduct thorough research before engaging in high-risk investments in Bitcoin, cryptocurrency, or digital assets. Transfers and trades are undertaken at your own risk, and any losses incurred are your responsibility. The Daily Hodl does not provide investment advice or act as an investment advisor. Please note that our platform participates in affiliate marketing.