Uniswap’s native token, UNI, has seen a strong rally in the past few days, with its price passing $10 for the first time since April 2022.
This price surge comes after a proposal to overhaul Uniswap’s governance system was received positively from the crypto community.
Meanwhile, Bitcoin Minetrix (BTCMTX) is also seeing success. Specifically, its ongoing ICO has now raised $11.4 million in funding.
Uniswap’s Proposed Governance Overhaul Sparks UNI Price Surge
UNI’s price has been rising since a major governance proposal was revealed on Friday.
Uniswap Foundation governance lead Erin Koen put forward an extensive proposal to overhaul Uniswap’s decision-making processes and reward structure for UNI holders.
The proposal would enable Uniswap to begin collecting fees. Thereafter, they would be able to distribute them on a pro-rata basis to UNI holders who have staked and delegated their tokens.
This move to incentivize participation in Uniswap’s ecosystem led to an immediate surge in demand for UNI. Its price spiked 77% in the two hours after the proposal was announced.
Koen’s proposal would utilize the $3.3 billion in accrued fees to date to compensate UNI stakeholders.
If passed through a community vote, the changes would strengthen Uniswap’s governance. Meanwhile, it would make UNI an attractive token for earning yield in the DeFi space.
Whale Movements Validate Market Confidence in Uniswap’s Fee-Sharing Model
Thanks to the groundbreaking governance proposal, the UNI token crossed $10 for the first time in almost two years.
This milestone marks a dramatic comeback for the token, which has surged back into the top 15 cryptocurrencies by trading volume
Before the spike, UNI had been stuck in a trading range between $5.50 and $7.80 since late November. However, with a healthy volume-to-market cap ratio of 6.8%, organic demand is fueling the token’s revival.
Momentum around UNI accelerated even further after crypto-tracking Twitter account @whale_alert notified its 2.3 million followers on Friday that a $5.5 million transfer from Kucoin had been made after the proposal’s reveal.
This sizable transaction suggests confidence in UNI’s proposed fee-sharing model, further boosting the rally.
With UNI now up 45% year-to-date, its leap past the $10 milestone has set the stage for a successful 2024.
However, investors will need to be cautious of a potential pullback in the short term as the market digests the news.
Bitcoin Minetrix ICO Gains Traction as Investors Show Appetite for Stake-to-Mine Model
While Uniswap’s surge dominates the headlines, another project’s ICO is also gaining traction.
That project is Bitcoin Minetrix, which aims to make cloud mining more accessible through an innovative model called Stake-to-Mine.
Having now raised over $11.4 million from a community of early supporters, Bitcoin Minetrix looks well on track to achieve its goal of simplifying Bitcoin mining for regular crypto investors.
Unlike traditional mining, Bitcoin Minetrix doesn’t require miners to use advanced computing hardware.
Instead, users simply have to stake BTCMTX to earn “cloud mining credits,” which can be burned for hash power.
This revolutionary approach allows users to participate in Bitcoin mining without technical expertise.
Additionally, the Stake-to-Mine model provides an additional incentive for BTCMTX holders in the form of 59% per year yields.
With the crypto market becoming increasingly competitive, Bitcoin Minetrix’s unique approach to mining is turning heads.
Its potential to make Bitcoin mining more accessible has led to over 14,600 people actively participating in the official Telegram channel.
The native BTCMTX token has even been ranked second on CoinSniper.net – a widely used website that ranks upcoming crypto launches.
Would-be investors can currently buy BTCMTX tokens through the ongoing ICO for just $0.0137.
However, with this price scheduled to rise as fundraising milestones are met, many believe now is the ideal time to get involved while the price remains low.