Decentral Block Post

The $74 million plan by two former Uniswap Lab executives for a new Uniswap Foundation has just become reality after their proposal received over 99% of the votes from UNI token holders.

According to the initial proposal, the foundation aims to streamline Uniswap’s Grant Program (UPG) and reduce friction in the protocol’s governance system. 

Former Uniswap Labs executive Devin Walsh, now serving as executive director of UF shared the results in a tweet on Aug. 24, noting that the proposal to create the foundation “passed its final vote!” 

According to the Uniswap website, the foundation saw more than 86 million, or 99% of total votes in favor of the proposal, with only 770 votes against it. The votes in favor come despite the initial proposal seeing mixed community reaction when it was first announced on Aug. 5.

The voting period started on Aug. 17, and was cut off at 2:19 pm GMT +10 deadline on Aug. 24. The votes were conducted on Uniswap’s app, with voters needing to hold the UNI token in order to vote. For the vote to pass, a threshold of 40 million votes was needed to be cast in favor of the UF.

Since failing to close above the $2,000 mark, Ether (ETH) price has faced a steep 16.8% correction, but this was not enough to give bears an edge in the August $1.27 billion monthly options expiry.

Currently, there are mixed feelings about the network’s upcoming change to a proof-of-stake (PoS) consensus network and analysts like @DWhitmanBTC believe the potential benefits of PoS do not supersede the absence of a supply cap and multiple changes in the monetary policy over time.

Regardless of the long-term impact, Ether price was positively impacted by the tentative Merge migration date announcement from a July 14 Ethereum developers call. Influencer and technical analyst Crypto Rover said that Ether would "drop so hard on the Merge day," as a result of traders unwinding their positions.

One thing is for sure, leveraged Ether buyers were not expecting the steep correction on Aug. 18 and data from Coinglass shows the move liquidated $208 million at derivatives exchanges.

Bears placed their bets below $1,600

The open interest for Ether's July monthly options expiry is $1.27 billion, but the actual figure will be lower since bears were overly-optimistic after ETH traded below $1,600 between Aug. 20 and 22. Breaking above that resistance surprised bears because only 17% of the put (sell) options for Aug. 26 have been placed above that price level.

Bitcoin (BTC) and several major cryptocurrencies have been trading sideways as traders avoid taking large bets before the United States Federal Reserve's Jackson Hole Economic Symposium, which begins on Aug. 25. The volatility is likely to soar as investors get some clarity on the Fed's stance in the next few days.

On Aug. 23, a team led by Goldman Sachs chief economist Jan Hatzius said that Fed chair Jerome Powell could sound dovish when he speaks on Aug. 26, reiterating that the central bank may move at a slower pace in future meetings. The analysts expect the Fed to raise rates by 50 basis points in the September meeting, which would be less than the 75 bps hike done in June and July.

Although the short-term price action remains uncertain, on-chain data suggests that Bitcoin may be undervalued, meaning it could provide strong returns if history repeats itself. According to Jarvis Labs resident analyst JJ, Bitcoin’s Market Capitalization versus Realized Capitalization indicator reading is at its lowest level since 2015. Bitcoin’s bottom in 2015 and 2019 formed when the indicator reached a low reading, but that has reached extremely low levels in 2022.

What are the critical levels to watch on the upside and the downside? Let’s study the charts of the top-10 cryptocurrencies to find out.

BTC/USDT

Bitcoin has been trading near the support line of the ascending channel since Aug. 19. Although the bulls have defended the support successfully, they have failed to achieve a strong rebound off it. This indicates that demand dries up at higher levels.