Uniswap Foundation launches a new portal for governance, can this save UNI
- Uniswap Foundation revealed the launch of Uniswap Agora.
- UNI holders struggled to log gains as prices continued to tumble.
On May 2, Uniswap Foundation announced the launch of Uniswap Agora, a unified communication and proposal platform for governance of the Uniswap [UNI] protocol.
Listen up, Uniswap community!
Today we have TWO exciting governance announcements for you.
We are launching Uniswap Agora – and celebrating that launch with Uniswap’s first Delegate Race! ???https://t.co/XcRjm5EnD1
— Uniswap Foundation (@UniswapFND) May 1, 2023
Read Uniswap’s [UNI] Price Prediction 2023-24
Following the approval of members of the Uniswap Community, Uniswap Foundation was founded in August 2022 to support the decentralized growth and sustainability of the protocol and its ecosystem.
As per the proposal, the foundation also provides grants to individuals and organizations to support the growth and development of the decentralized finance (DeFi) protocol.
According to the foundation, delegates on Agora can create personalized profiles to showcase their unique viewpoints on how Uniswap should be governed. It also enables delegators to connect with other delegates with shared interests.
In addition to the launch of Uniswap Agora, Uniswap Foundation also announced Uniswap’s first Delegate Race. Here new and existing delegates can focus on “bootstrapping delegation and token holders can focus on reviewing and re-allocating their delegations.”
The Delegate Race is divided into two phases. Phase 1 would last until 12 May. During this period new and existing delegates must create a Uniswap Agora profile. And Phase 2, which begins on 13 May, where participants will choose new delegates.
UNI: Continued price decline sends holders on a distribution rampage
Trading at $5.26 at press time, UNI’s value declined by 12% in the last month. According to the data from CoinMarketCap, within the past month, the governance token peaked at $6.44 before ultimately experiencing a dip due to the heightened selling pressure.
Key momentum indicators assessed on a 24-hour chart trended downwards at press time. This suggested that holders continued to let go of their UNI tokens. For example, the alt’s Relative Strength Index (RSI) was 36.20 at the time of writing.
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Likewise, Its Money Flow Index (MFI) was positioned far below the 50-neutral point at 21.14. This showed that selling momentum exceeded buying pressure.
UNI’s price rested on the lower band of its Bollinger Bands at press time. When the price dips below the lower band of the indicator, it often suggests that the asset is oversold. While this might be a buying opportunity for many, it is trite to point out that an asset may remain oversold for an extended period.