UNI recently experienced a strong surge in its trading value. The feat came after the Uniswap Foundation pitched the idea of Fee Switch. The model enables reward distribution among those who stake in their native holdings. The reward comes as a portion of the protocol’s fees. The objective is to go beyond governance and enhance the participation of community members.
It has also raised the market cap to $8 billion. The snapshot vote is scheduled to happen on March 1, 2024, and the on-chain vote will happen on March 8, 2024. If passed, the move will foster decentralization of the ecosystem and boost governance for Ethereum’s leading DEX, which is a decentralized exchange.
UNI is currently exchanging hands at $10.71, with a slip of 1.45% in the last 24 hours. However, it reflects a surge of 41.32% in the last 7 days and 81.52% in the last 30 days. The UNI forecast estimates that the token can end the year at $11.05. An alternate predicted estimate is $5.95. Its 24-hour volume was up by 5.655 at the time of articulating this piece.
On a broader level, the crypto market continues to be dominated by the rise of Bitcoin and Ethereum. Their native tokens are up by 9% and 3.82%, respectively, in the last 24 hours. BTC and ETH have surpassed the milestones of $55,000 and $3,000, instilling a sense of optimism among crypto enthusiasts. The value will probably experience another increase as the deadline for Bitcoin halving rapidly approaches. The anticipation of Spot Ether ETF approval could follow it.
Additionally, Abracadabra Money’s SPELL amassed a substantial portion. Despite experiencing a decline of 4.28% within the last 24 hours as of the writing of this article, SPELL has amassed an enormous gain of 84.50% over the past 30 days and 53.99% over the past seven days.
The surge in SPELL came after the announcement about launching an improved $MIM Access and New Testnet Cauldrons on Berachain. Launched in May 2021, the DeFi protocol was last reported to have jumped by almost 11.4%.
There is also a part of the development that focuses on enhancing the UX with upgraded features and an intuitive experience on the platform. SPELL is listed at $0.0009769 with a slip of 65.715 in the 24-hour volume.
As for UNI, the token may soon begin testing the resistance at $11, followed by $15. Gains in the cryptosphere led by BTC and ETH will have a ripple effect on other tokens. The estimates could be converted to ground reality earlier than expected. Assuming that happens, the milestone of $20 would enter the picture by the end of 2025. SPELL is simultaneously trying to replicate its recent rise.
Source: https://www.cryptonewsz.com/uniswap-foundation-announces-fee-switch-initiative-uni-responds/