Early Uniswap Whale Sold $1M Worth of UNI as Price Surged

• The wallet may be related to a Uniswap investor or team member, according to Lookonchain.
• The wallet still holds $10.6 million worth of tokens after selling almost 9% of its stash.
• Uniswap is now trading at $10.40, down 19% from Friday's high.

A wallet that received 5.44 million uniswap (UNI) tokens in 2020 sold 90,000 of them for $1.03 million during Friday's 60% surge to $12.80.

Blockchain analytics firm Lookonchain said the wallet may be an early Uniswap investor or a member of the team.

Uniswap is a decentralized exchange (DEX) that launched in 2018. It distributed UNI, a governance token, in the form of an airdrop to early adopters in 2020.

The token jumped Friday following the submission of a governance proposal that suggested rewarding holders who have staked or delegated their UNI tokens.

The wallet in question still holds 926,000 UNI tokens, worth $10.6 million, after selling almost 9% of the stash on Friday. The sale marked the top of UNI's surge. The price subsequently slid back. It rose 0.8% on Monday to $10.40, down 19% from Friday's high, while the broad CD20 gauge barely moved.

Uniswap's governance proposal prompted Frax Finance, a separate decentralized finance protocol, to submit a similar proposal on Monday. The frax shares token (FXS) initially rose by 16% on the news.