The total value of assets locked in leading decentralized exchange (DEX) Uniswap has plummeted by 38% in 24 hours amid the conclusion of its UNI liquidity rewards program on Nov. 17.
Meanwhile “vampire” clone SushiSwap has doubled its TVL and is aggressively pursuing additional liquidity.
As of this writing, Uniswap’s total value locked (TVL) is down a total of 43% since posting an all-time high of $3.07 billion just three days ago. It now sits at $1.75 billion and is still falling.
Uniswap TVL: DeFi Pulse
Following the sharp decline in Uniswap’s liquidity, token holders have embarked on the process of voting for a new governance proposal that seeks to reinstate rewards in the form of UNI tokens for liquidity providers.
The new proposal, put forward by Cooper Turley of crypto-powered music streaming platform Audius, cuts the amount of UNI rewards in half compared to the former program. While 2.5 million UNI tokens were previously distributed to the liquidity