The indefinite delay is due to a “stakeholder raising an issue,” said the Foundation.
On a day filled with uncertainty, the Uniswap Foundation announced it was delaying a key vote to upgrade the protocol’s governance structure.
Last week, the Foundation anticipated that a vote would take place today to upgrade the Uniswap protocol so that its fee mechanism can reward UNI token holders who have staked and delegated their tokens.
That vote has been postponed – and one of the oldest sagas in DeFi drags on.
“Over the last week, a stakeholder raised a new issue relating to this work that requires additional diligence on our end to fully vet,” said the Uniswap Foundation on social media. “Due to the immutable nature and sensitivity of our proposed upgrade, we have made the difficult decision to postpone posting this vote.”
The Uniswap Foundation did not immediately reply to a request for comment from The Defiant.
UNI was hit hard by the news, dropping 7% to $10.21 today. However, the token is still up 44% in the past 30 days.
Uniswap’s fee switch has been a point of contention over the years.
People have asked this question since Uniswap V2, the second iteration of the protocol, was launched in May 2020. V2 included code to capture .05% of trading volume, but that function, also known as the “fee switch,” has never been activated.
Members of the community once again began to push for the activation of the fee switch in 2023 and into 2024, with an initial vote slated for May 31.
Unfortunately, UNI holders seeking to share in the success of the top decentralized exchange in crypto will have to continue to wait. No timeframe has been disclosed for when the vote will take place.
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