Uniswap’s native token, UNI, surged over 38% following a proposal to make holding the token more attractive to investors. The proposal includes burning 100 million UNI tokens from the treasury and implementing a Protocol Fee Discount Auctions system. Fees from Uniswap’s Ethereum layer 2, Unichain, will also contribute to the UNI burn mechanism.

UNI saw a 38.5% increase to $9.70, pushing its market cap over $6 billion. Uniswap, the largest DEX, has processed over $4 trillion in cumulative volume since its launch. UNI’s rise positions it as the 34th largest cryptocurrency, surpassing Bitcoin, BNB, and Solana this cycle.

Uniswap prioritizes protocol development with the “UNIfication” proposal marking the protocol’s “next era.” The Uniswap Foundation plans to issue grants to improve growth, support DeFi builders, and create a Growth Budget distributing 20 million UNI tokens. The proposal also introduces a Uniswap Growth Budget to fund further ecosystem growth quarterly.

Read more at Cointelegraph: UNI Pumps 38% After Introducing Token-Friendly Proposals