UNI Altcoin Experiences Price Drop Due to Delay in Protocol Upgrade

Uniswap’s UNI token saw a 9% decrease in value on Friday following the announcement that the decentralized exchange had decided to delay an important protocol upgrade. The planned on-chain vote to implement a proposal enabling a fee mechanism for UNI token holders who have staked and delegated their tokens was postponed due to a new issue that required further examination.

The upgrade was intended to ease the burden on Uniswap Governance and preserve the protocol’s neutral reputation. The Uniswap Foundation explained the decision, stating, “Due to the sensitive nature of the proposed upgrade, we have chosen to delay the vote. We apologize for any inconvenience and will keep the community informed of any developments.”

CoinGecko reports that Uniswap is the leading decentralized exchange in terms of trading volume and monthly visits. Following the announcement, the price of UNI dropped from .04 to .86 and is currently trading at .93. Investors are closely monitoring the situation for updates on the protocol upgrade.