The UNI Liquidity Rewards Mining program by the well-known decentralized exchange (DEX) Uniswap has now come to an end. Due to this, it has been seen that Uniswap’s liquidity has dropped by around 40% within just 24 hours.
It is reported that the total value locked (TVL) of Uniswap is now down by 43%. This comes as quite shocking for the people of the community as just three days ago, it posted its all-time high of $3.07 billion. Now it's TVL is recorded at $1.75 billion and is continuing to decline.
As Uniswap drops sharply amid the conclusion of its liquidity rewards program, the token holders have started voting for the new governance proposal. They are seeking a kind of proposal that will help them to get the rewards in the form of tokens.
Moreover, it is revealed that a new proposal has been given by Cooper Turley by cutting the rewards in half as compared to the previous one. Now, this proposal needs to get at least 25,000 votes in favor to enter the secondary “consensus check” poll. In this poll, there will be a need to have double votes i.e. 50,000 votes in favor.
Amid the fall of Uniswap, it has been seen that its rival DEX SushiSwap is giving some tough competition. The day when Uniswap’s TVL dropped by 43%, SushiSwap doubled its TVL and is looking for a further increase. It has also released new incentives for which it will provide liquidity. This will be against those four pairings for which Uniswap has already stopped providing incentives. It seems that SushiSwap is again trying its hands on being the dominant one in the market which seems to be in its favor now.