Uniswap $25 million grant gets canceled, as UNI price prepares for 25% advance
- Uniswap price is preparing for a second leg-up after 19% downswing.
- The $15 million grant for community-enable analytics is canceled as votes against it stacked up.
- UNI could rally 25% to $35 if the bid orders continue to pour in.
Uniswap governance’s vote on a community grant that would give Flipside Crypto, an analytics firm, $25 million in UNI tokens seems to have come to an end after a bit of controversy. The said proposal has now been canceled after Dune Analytics and other members took a stand against it.
$25 million grant gets canceled
The controversial grant offered $25 million to analytics firm Flipside with an oversite committee, among other things. However, Dune Analytics took to Twitter, arguing this grant belonged to the community members and not service providers.
Dune stated,
We call on the $UNI community to reject this misuse of funds and attempt to monopolize $UNI analytics grants. If this proposal fails, we will help establish a vendor-neutral proposal for $UNI analytics grants where funding goes to *the community*!
Jason Choi, general partner at The Spartan Group, pointed out that the oversight committee members had a conflict of interest since it was comprised of Flipside Crypto investor Nic Carter and CEO Dave Balter.
After hours of debates, Twitter replies and threads, the grant seems to have been canceled after garnering 46.9 million votes against it.
On this note, Dune Analytics tweeted,
We recognise @flipsidecrypto's early efforts in putting @Uniswap funds to work, but are for aforementioned reasons glad todays proposal did not pass. We're happy and eager to engage with the $UNI community to help enable community analytics in the best possible way going forward.
UNI price prepares for a higher high
UNI price retraced roughly 19% after rallying 51% from August 3 to August 16. This pullback has allowed bulls to replenish their momentum and come back stronger, which can be noticed as Uniswap price climbed 2% after testing the $25.39 support level.
The confirmation of the upswing will arrive after UNI price produces a decisive 12-hour candlestick close above the $30.05 resistance level and set up a swing high above the August 16 high at $31.31.
This move could trigger the sidelined buyers to jump in, pushing Uniswap price toward $35.03, roughly 25% away from the $25.39 support barrier.
UNI/USDT 12-hour chart
On the other hand, if the upswing does not have enough buyers backing it, there is a high chance it will revert and breach the $25.39 demand barrier. This move will push UNI price down to $22.70, a breakdown of which will invalidate the bullish thesis.
In such a case, Uniswap price might tag the $20.66 support level.
Author
Akash Girimath
FXStreet
Akash Girimath is a Mechanical Engineer interested in the chaos of the financial markets. Trying to make sense of this convoluted yet fascinating space, he switched his engineering job to become a crypto reporter and analyst.
