A new fee collection mechanism proposal will be put to the vote by the Uniswap Foundation before May 31, according to the announcement.
The platform’s native coin, UNI, experienced a 20% surge following the announcement.
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The Uniswap Foundation has detailed a significant development on the road to fully autonomous Uniswap V3 pool fee collection and distribution.
A new instance of V3FactoryOwner will take ownership of the UniswapV3Factory mainnet if the proposal is accepted. The Foundation clarified that commissions will be included in a future proposal and not in this vote.
To encourage participation in governance, the Uniswap Foundation suggested a fee reward mechanism for UNI token holders in February. In spite of possible legal challenges from the US Securities and Exchange Commission (SEC) over the protocol, early feedback indicated big support for the idea.
The liquidity providers (LPs) were the traditional recipients of all Uniswap fees. Staking token holders will receive protocol fees according to the new proposal.
Uniswap made about $3.2 million in fees in the last 24 hours, and an average of $3.4 million for the past week, according to CryptoFees. Just under a third of all decentralized finance transactions go through this protocol.