Uniswap Foundation delays vote for token staking and delegation rewards, UNI falls 8.7%

The Uniswap Foundation, the organization overseeing the decentralized exchange Uniswap, delayed the vote for UNI staking and delegation rewards slated for Friday. 

The postponement was due to a "stakeholder" discussing concerns with the Foundation that prompted more attention. UNI's price fell following the announcement.

"Last week, we announced that the first proposal to activate Uniswap Protocol Governance would be deployed onchain today," the Foundation wrote on the social media platform X. "Over the last week, a stakeholder raised a new issue relating to this work that requires additional diligence on our end to fully vet. Due to the immutable nature and sensitivity of our proposed upgrade, we have made the difficult decision to postpone posting this vote."

"This was unexpected, and we apologize for the postponement. We will keep the community apprised of any material changes and will update you all once we feel more certain about future timeframes," it added. 

Uniswap's UNI token traded at $10.20 after seeing an 8.7% drop in the past day, as of 2:00 p.m. ET (18:00 UTC) on May 31, according to The Block Prices.

The proposal, introduced in February, aims to compensate dedicated Uniswap stakers and delegates for high-quality participation. To prepare for the initially scheduled May 31 vote, UNI holders had to delegate their tokens on the platform before the voting went live to participate, the Uniswap Foundation explained a week earlier.