UniSwap will conduct an on-chain vote by 31 May, $UNI token price pumps 20%

On May 25, 2024

The UniSwap team showed that they’re tension-free against the legal hurdles created by the US Securities regulatory body.

UniSwap is a popular decentralized crypto trading platform that is known for support for the Ethereum blockchain network & other layer-2 scaling networks.

On 25 May 2024, The UniSwap team announced that they will conduct an on-chain vote on May 31st. The Uniswap Foundation stated that this vote is to set up a system for collecting and distributing fees automatically. More votes will be needed to start collecting fees in Uniswap V3 pools.

🗣️ Next Friday, May 31, the UF will initiate the onchain vote to upgrade the Protocol so that its fee mechanism can reward UNI token holders that have staked and delegated their tokens.

If you are a UNI holder who wants to vote on this proposal, you **must** have your UNI…
— Uniswap Foundation (@UniswapFND) May 24, 2024

It is worth it to note that despite a warning from the United States Securities and Exchange Commission (SEC) over UniSwap crypto services, the UniSwap team aimed to remain in a positive momentum of growth with their services.

Following this news, the trade price of UniSwap token (UNI) surged rapidly. The current trade price of Uni token is $10.84 which is 20% high over the last 24 hours.

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#UniSwap going up with reason & without reasons pic.twitter.com/e4Ju4qxOZ1
— Bitcoinik (@Bitcoinikdotcom) May 25, 2024

UniSwap vs SEC

Just a few weeks ago, the US SEC sent a Wells notice against UniSwap crypto services. Notice was mainly wandering around the security nature of the digital assets trading on the UniSwap platform.

Three days ago, the UniSwap team responded against the Wells notice and stated that the SEC body had made “weak” legal arguments in issuing a Wells notice to the exchange and at the same time strongly said that UniSwap is ready to fight.

Today we responded to the SEC’s Wells notice

We believe DeFi is revolutionary and we’re going to fight to protect it

Summary of our response and the full 40 page document here:https://t.co/u4fEWHVMVu
— Uniswap Labs 🦄 (@Uniswap) May 21, 2024

With the response, the UniSwap team also said that they’re not going to go back because it is a time to fight for the Defi crypto sector.