The latest news involving Uniswap and its UNI native token: let’s see below all the details and price trends of the prestigious coin.
In particular, starting with the recent news that the Uniswap DAO will examine the feasibility of giving more voting power to representatives considered “underrepresented.”
Uniswap DAO: approval to increase voting power of ‘underrepresented’ delegates”
A group of seven Uniswap DAO delegates, who vote more than 80% frequently but currently have limited voting power, are moving closer to having that power increased following a recent follow-up vote.
The proposal calls for dividing 10 million UNI, or about $60 million at current prices, among delegates considered “underrepresented” with less than 2.5 million UNIs.
Two prominent delegates, from the DAO-born Georgia Tech blockchain club and trading company Wintermute, emerged as leaders during the temporary vetting.
The proposal will now face an on-chain vote before delegates can receive UNIs from the DAO treasury.
Importantly, these UNI tokens will not be available for spending or trading, but will increase their share of voting power in future governance decisions.
Recall that Uniswap’s DAO allows token holders to vote directly or delegate their voting power.
Currently, there are more than 30 delegates with at least 2.5 million proxy votes who are considered “underrepresented” under the proposal. Jesse Walden, general partner of the Variant Fund, ranks as the second largest delegate with about 8 million tokens.
The proposal, designed by governance service provider StableLab, will receive governance tokens if it is approved. This provider also proposed and received approval for a delegation incentive program at Rari DAO during the week.
Uniswap and UNI tokens: real-time updates on currency prices
Decentralized finance (DeFi) activity on Ethereum saw significant momentum in the first three weeks of November, driven mainly by the dynamics of gas tariffs, as evidenced by Kaiko data.
Although Uniswap (UNI) has played a leading role in this recovery, its price remains stable below $5.6 despite increased activity during this period.
Recall that Uniswap, among the real exchanges, is also listed on the Bitget exchange, a factor that has opened up new market opportunities for the coin and influenced its growth outlook.
Currently, the total locked value (TVL) on all DeFi protocols exceeded about $46.6 billion by 21 November, according to DeFiLama.
This increase of nearly $5 billion from the beginning of November and $37 billion in mid-October highlights the continued dynamism of the industry.
Despite scalability challenges related to gas tariffs, Ethereum remains the platform of choice for DeFi app distribution, managing a TVL of $25.4 billion.
Uniswap, as one of the largest protocols, has a TVL of $3.216 billion. In addition, with the pricing on Bitget, new liquidity and trading opportunities for Uniswap users are on the horizon.
Finally, while UNI prices have risen 30% since mid-October, bullish traders have struggled to break through the November highs at around $5.6.