Uniswap’s native asset, UNI, experienced a significant decline of approximately 9% on Friday following the decentralized exchange’s decision to postpone an important protocol upgrade. The plan was to conduct an on-chain vote to implement a proposal that would have rewarded UNI token holders who had staked and delegated their tokens with a fee mechanism. The purpose of this upgrade was to alleviate the burden on Uniswap Governance and maintain the protocol’s “credible neutrality.”

However, in the past week, a stakeholder raised a new issue that required further investigation, as stated by the Uniswap Foundation. The organization explained that due to the immutability and sensitivity of the proposed upgrade, they made the tough decision to delay the vote. They acknowledged the unexpected nature of this postponement and apologized to the community, promising to provide updates once they have more certainty about future timeframes.

Uniswap is currently the leading decentralized exchange in terms of 24-hour trading volume and monthly visits, according to CoinGecko. Following the announcement, the price of UNI dropped from $11.04 to $9.86. At the time of writing, the altcoin is trading at $9.93, hovering close to its 24-hour lows.

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