A crypto wallet linked to the team behind leading decentralized exchange (DEX) Uniswap has sold off some of its UNI holdings during the recent price surge, according to on-chain data. According to a first melding from blockchain tracking company Lookonchain sold an address linked to Uniswap just over $1.03 million to UNI at $11.48.

“A wallet owned by the Uniswap team/investor/advisor sold 90,000 UNI for 1.03 million USDC at $11.48 after the price of UNI rose.

The wallet received 5.44 million UNI ($62.46 million currently) and currently holds 926,000 UNI ($10.63 million).”

UNI recently rose more than 70% from its week low of $7.06 following a proposal by the team to change Uniswap’s compensation structure to reward those who staked and delegated UNI.

According to the team, the proposal is of utmost importance for the long-term success of the protocol.

“Potential impact: Decentralized, resilient and engaged governance is critical to the long-term health and success of the protocol. We believe this upgrade will strengthen and revitalize Uniswap governance.”

The Uniswap Foundation also says the proposal will attract new delegates who have proven their commitment to the project.

“We believe that UNI token holders are incentivized to elect delegates whose votes and involvement in the protocol will lead to the protocol’s growth and success.

If this proposal is successful, we believe we will see an influx of new delegations. And because existing delegates will need to re-delegate their tokens to stake them, we will see a shift from ‘old’ existing delegations to delegates who have proven their commitment to supporting the protocol.

Furthermore, this mechanism can work independently in the future – continuously encouraging engaged delegation, without requiring additional facilitation.” At the time of writing, UNI is trading at $10.89, up more than 3% in the last 24 hours.

Source: https://cryptobenelux.com/2024/02/27/uniswap-team-verkoopt-90-000-uni-na-grote-stijging/

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