A crypto wallet associated with the team behind top decentralized exchange (DEX) Uniswap sold off some of its UNI holdings during the latest price rise, according to on-chain data.

First reported by blockchain tracking firm Lookonchain, an address linked to Uniswap sold just over $1.03 million worth of UNI at $11.48.

“A Uniswap Team/Investor/Advisor wallet sold 90,000 UNI for 1.03 million USDC at $11.48 after the price of UNI increased.

The wallet received 5.44 million UNI ($62.46 million currently) and currently holds 926,000 UNI ($10.63 million).”

UNI recently rallied by over 70% from its weekly low of $7.06 following a proposal by the team to alter Uniswap’s fee structure to reward those who have staked and delegated UNI.

According to the team, the proposal is of utmost importance to the long-term success of the protocol.

“Potential Impact: decentralized, resilient, and engaged governance is imperative to the long-term health and success of the protocol. We believe this upgrade will strengthen and invigorate Uniswap governance.”

The Uniswap Foundation also says the proposal will bring in fresh delegates who are proven to be committed to the project.

“We believe UNI token holders will be incentivized to choose delegates whose votes and engagement with the protocol will lead to the Protocol’s growth and success.

If this proposal succeeds, we believe we will see an influx of new delegations. And because existing delegators will be required to re-delegate to stake their tokens, we will see a shift of ‘stale’ existing delegations to delegates who have proven their commitment to supporting the protocol.

Further, this mechanism can run on its own into the future – continuing to incentivize engaged delegation, without requiring any additional facilitation.”

At time of writing, UNI is trading at $10.89, up over 3% in the 24 hours.

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Featured Image: Shutterstock/Keith Tarrier