Uniswap gains over 40% in 7 days amid airdrop plans
Uniswap (UNI) records a 40% increase in seven days, propelled by the Uniswap Foundation’s plan to distribute fees back to staked UNI token holders who actively participate in the network.
The Uniswap Foundation has come up with a proposal that seeks to improve the governance structure of Uniswap.
The paper suggests the distribution of protocol fees to UNI token holders that stake actively and delegate their voting rights.
A snapshot vote on this proposal is scheduled for March 1, with on-chain voting set to commence on March 8.
The potential approval of this proposal could redefine Uniswap’s approach to compensating token holders, marking a departure from previous strategies.
Following the announcement, UNI witnessed an impressive 60% surge in a single day, reaching $12, its highest point since January 2022.
Uniswap’s weekly chart reveals a two-year sideways trend, confined between the $12.5 and $3.3 marks. However, the recent surge challenges this long-standing resistance, suggesting a shift in UNI’s market dynamics.
Over the past four months, this recovery has seen a substantial 210% surge. The current UNI price is $11.16 which is the result of a 47.13% increase witnessed in the last seven days, according to data from CoinGecko.
Upcoming Uniswap v4 upgrade
Recently, the Uniswap Foundation announced the release of Uniswap v4 scheduled for Q3 2024. The goal of the upgrade is to strengthen the functionality and efficiency of the DeFi protocol by utilizing the features of the upcoming Ethereum Dencun upgrade.
Adding Ethereum Improvement Proposals (EIPs) like EIP-4788, EIP-1153, and EIP-4844 to the protocol operations is set to enhance the user experience on the Ethereum blockchain. A new feature of Uniswap v4 is the inclusion of “hooks“, making it possible to integrate a custom logic at critical points of the protocol.
Uniswap, as a decentralized exchange (DEX), allows for efficient ERC-20 token swaps without a centralized intermediary. Its innovative Automated Market Maker (AMM) framework allows users to swap tokens directly through liquidity provided by Liquidity Providers (LP). This approach does not require an order book and prevents the security risks associated with centralized exchanges.
Users with an Ethereum wallet like Metamask can do this effortlessly and Liquidity Providers earn a 0.3% trading fee for their contributions.
UNI, Uniswap’s governance token, was announced as a retroactive airdrop in September 2020 to reward users who interacted with the protocol. The token allows the holders to partake in vital governance decisions like treasury usage and future upgrades via a voting system.
Optimism’s airdrop
Recently, Optimism, a Layer-2 network, distributed about $41 million in tokens through its fourth airdrop, showcasing a commendable commitment to recognizing and appreciating creative contributors to the blockchain.
This move targeted web3 artists, extending a generous distribution of over 10 million OP tokens, valued at approximately $40.8 million.
The 22,998 recipients chosen based on eligibility criteria, which required NFT art creation on the Ethereum (ETH) mainnet or Optimism’s Superchain between Jan. 10, 2023, and Jan. 10 this year, are seen as integral participants in the Optimism Collective’s ecosystem.
The recipients have until Feb. 13, 2025, to claim their tokens, underlining the Layer 2 network’s commitment to fostering a vibrant and creative community.
In their official statement, Optimism expressed, “A great society needs artists,” emphasizing the pivotal role artists play in infusing creativity into the blockchain, thereby contributing significantly to the success and dynamism of the Optimism Collective.
