• Buying pressure on UNI increased while its value pumped.
• The Uniswap Foundation submitted a new proposal to upgrade the governance system.

Uniswap [UNI] surprised investors as its price skyrocketed in just a few hours. In fact, the hike was to such an extent that UNI entered the list of the top 20 cryptos by market cap.

The price hike happened as Uniswap Foundation posted a proposal to upgrade the protocol’s governance system.

The newly submitted proposal aims at upgrading Uniswap’s governance system by rewarding UNI holders who have staked and delegated their tokens.

Uniswap bulls are here

According to CoinMarketCap, UNI’s price surged by more than 65% in the last 24 hours alone. This massive raise in price pushed the token’s market capitalization to over $7.1 billion, making it the 18th largest crypto.

The token’s volume also increased along with its price, acting as a foundation for the price uptrend.

It was interesting to note that a liquidity provider at Uniswap removed 1.2 million UNI of liquidity and deposited 1 million UNI on Binance.

A liquidity provider of $UNI removed 1.2M $UNI($8.7M) of

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Author: Dipayan Mitra

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