PDAXScope: UNI pumps by 60% following reform proposal on governance

(February 26) Check out other fresh news in the crypto world in today’s issue of the PDAXScope. 📰

Crypto News:

UNI up 60% following proposal to reward token holders in major governance overhaul:

The governance token (UNI) of decentralized exchange Uniswap increased by up to 60% on Friday following Erin Koen, the Uniswap Foundation's governance lead, submitting a proposal to reform the protocol's governance architecture. The plan intends to "strengthen and invigorate" Uniswap governance while also rewarding UNI token holders who staked and delegated their tokens. "I believe we should upgrade the protocol so that its fee mechanism rewards UNI token holders that have staked and delegated their tokens," Erin Koen wrote in a post on X. UNI just traded at USD 12, up roughly 60% in the last 24 hours and the highest price since April 2022.

Judge signs off on Binance's USD 4.3B plea deal with U.S. prosecutors:

A federal judge approved Binance's USD 4.3 billion plea agreement with the US Department of Justice. During a sentencing hearing Friday, Judge Richard Jones of the United States District Court for the Western District of Washington approved the top-line fine, but he did not yet sign off on any exchange monitors. Last November, the DOJ announced the settlement, alleging that Binance had violated sanctions and anti-money laundering rules for years.

Global News:

SPDR S&P 500 ETF tops record USD 500B in assets as Nvidia soars:

The SPDR S&P 500 ETF Trust became the first exchange traded fund to have more than USD 500 billion in assets thanks to a huge rise in the price of Nvidia. The State Street Global Advisors, which runs the biggest and most liquid fund tracking the Standard & Poor's 500 index, said Thursday that it had more than USD 500 billion (USD 502B) in assets. A big part of those gains came from the rise in Nvidia; Nvidia has a large weight in the S&P 500, ergo it has a huge effect on how the index moves. Since the beginning of the year, shares of the stock have gone up almost 60%. They have also gone up 8.9% in just the last week, thanks to a big jump after earnings on Thursday.

Fed's Williams says rate cuts likely to happen 'later this year':

In an interview with Axios, John Williams, President of the New York Federal Reserve, said that he thinks the U.S. central bank will cut interest rates "later this year," even though inflation numbers in January were worse than expected. Williams said in an interview on Thursday, "My overall view of the economy basically hasn't changed based on one month of data." He added that inflation's progress toward the Fed's 2% goal can be "a little bit bumpy," but that the economy as a whole is "heading in the right direction."

Local News:

Gov’t raises PHP 585B from RTB offering:

The Philippine Government raised a record PHP 585 billion by selling five-year retail Treasury bonds (RTBs); more than the goal set by the Bureau of the Treasury (BTr). The total amount raised was more than the PHP 400-billion goal set by BTr Officer-in-Charge Sharon P. Almanza at the sale on February 13. During the rate-setting sale, the government first raised PHP 212.719 billion through the RTB 30. During the nine-day public offer time, the BTr raised an extra PHP 372.14 billion. The government got PHP 243.45 billion from the bond switch program and PHP 128.69 billion from "new money."

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