UNI rose by about 19% in the last 24 hours as on-chain voting began on an important governance proposal that would activate protocol fees and introduce a long-discussed UNI burning mechanism.
UNI started to rise shortly after the voting period opened at 03:50 UTC on December 20, according to Uniswap governance data. The daily chart of UNI shows that the most pronounced part of the rally occurred during the early hours of voting, with the price surpassing the range of $5.40-$5.50 and continuing its upward trend throughout the day, along with increased trading volume.
At the time of writing, UNI is trading at $6.27, an increase of approximately 19% on the day. This movement contrasts with a relatively calm general market, where bitcoin was consolidating near $88,119 and ether was trading slightly lower, around $2,976.
The total market capitalization of cryptocurrencies increased by approximately 1% during the same period, highlighting UNI's relatively superior performance.
