Uniswap ‘Fee Switch’ Pilot May Take-Off Soon

  •  Three million votes have favoured the pilot, and around 46 UNI votes are against the pilot.

A recommendation to change the fees imposed by decentralized crypto exchanges Uniswap got approved with huge support from the Uniswap community government.

The voting period for consensus check to launch the pilot version of fees imposed has started. 

The proposal of testing parameters has been set at 1/10 or 10 percent of specified liquidity pools, which means that a fee of 10% will be imposed on that percentage of the specified pool that the lowest part of a pool allows. 

Pools selected for a pilot will include 0.05% DAI-ETH,0.3% ETH-USDT,and 1% USDC-ETH. 

The value earned from the pilot will stay in the protocol until the Uniswap government agrees and directs where these funds will be assigned; more details of the process have not yet been provided.

The voting on implementing the pilot program started on August 4 and will conclude on August 9 at 6 pm. Per a report, three million votes have favoured the pilot, and around 46 UNI votes are against the pilot.   

Even though a leading majority of the Uniswap Government is favouring pilot projects, not all the members are favouring the project and upcoming opportunities of the project.   

A member of the Uniswap community Brian Park who is using BJP3333, mentioned in his statement that implementing changed fees will damage the position of Uniswap in the highly competitive DEX market.  

 Brian Park said, “Let’s not be so complacent about this advantage where it will now look to monetize fees at the expense of liquidity providers,” adding more park mentioned, “Dip into their profit margin, which could see them go by the time DEX(Decentralized exchange)space is very competitive.”

While writing this price of Uniswap was recorded at $9.02; one year back, the price of Uniswap was around $26.  

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