Uniswap Surges As Proposal For Revenue-Sharing Mechanism Gains Traction

Uniswap (UNI), the decentralized cryptocurrency trading platform, is making headlines today with its remarkable performance, marking its best week in over two years. 

As of writing, UNI’s value has surged by more than 67% to reach a high of $12.79, showcasing one of the most impressive trading weeks since January 2022.

A liquidity provider of $UNI removed 1.2M $UNI($8.7M) of liquidity and deposited 1M $UNI ($7.25M) to #Binance.https://t.co/DoatcRE9YR pic.twitter.com/R4Yc0DjeNl

— Lookonchain (@lookonchain) February 23, 2024

The surge in price follows Uniswap’s proposal of a revenue-sharing mechanism for UNI holders. Scheduled for a snapshot vote on March 1, with an on-chain vote to follow on March 8, the proposal has stirred significant investor interest and contributed to UNI’s recent price momentum.

Prior to the surge, reports surfaced indicating that a liquidity provider of UNI removed 1.2 million UNI tokens, valued at $8.7 million, from liquidity pools and deposited 1 million UNI tokens, equivalent to $7.25 million, into Binance.

Right after $UNI price surged by 60%, 3 wallets (likely one person) jointly deposited 220,574 $UNI ($2.69M) to #Binance.

Notably, they often withdrew $UNI from Binance at lows, then deposited $UNI to the CEX at highs (pic ).

Est. realized profit from $UNI: $1.49M (+91%).… pic.twitter.com/cVaDtGV1Bl

— Spot On Chain (@spotonchain) February 23, 2024

More UNI Whales’ Movement After Price Spike

Shortly after UNI’s price surged by over 60%, three wallets, likely belonging to one individual, collectively deposited 220,574 UNI tokens, valued at $2.69 million, into Binance.

Interestingly, these wallets have been observed withdrawing UNI from Binance at low points and depositing UNI to centralized exchanges at high points, resulting in an estimated realized profit of $1.49 million, marking a significant 91% increase.

Despite recent fluctuations, Uniswap maintains its position as the largest decentralized exchange, raking in substantial fees. Over the last 30 days, Uniswap has accrued fees totaling $71.6 million, second only to Lido Finance.

As UNI’s proposal for a revenue-sharing mechanism progresses, investors eagerly await the outcome of the upcoming votes, poised to capitalize on the potential opportunities presented by Uniswap’s evolving ecosystem.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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