Uniswap’s UNI token took a hit on Friday, dropping by around 9% after the decentralized exchange (DEX) announced a delay in a planned protocol upgrade.
Upgrade Delay
Uniswap had intended to implement a fee mechanism that would reward UNI holders who stake and delegate their tokens. However, a stakeholder raised concerns that required further investigation.
“Due to the sensitive nature of the upgrade, we’ve decided to postpone the vote,” said the Uniswap Foundation. “This was unexpected, and we apologize for the delay.”
Impact on UNI Price
Following the announcement, UNI’s price fell from $11.04 to $9.86. At the time of writing, it’s trading near its 24-hour low at $9.93.
Uniswap remains the top DEX in terms of trading volume and monthly visits, but the upgrade delay has impacted UNI’s value.
