Cryptocurrencies

Uniswap’s (UNI) First Governance Vote Fails … Despite 98% “For” Vote – Cryptocurrencies

The Uniswap (UNI) token had registered as much volume as the big cryptos after just 48 hours.

After distribution ballots tokens, up to votes: this is where the electoral machine gets stuck on Uniswap.

98% of insufficient “For” votes: a strange democracy

Uniswap took its first vote a few days ago, but the result is far from the expectations of some voters.

The vote concerned a reduction of entry barriers for the integration of new protocols on Uniswap.

The first proposal was to reduce the number of tokens needed to vote, from 40 millionUNITED at 30 millionUNITED.

The second was to reduce the number of tokens required for submitting proposals by 10 million ’UNITED at 3 millionUNITED.

The majority of UNITED in favor of these proposals came from Dharma, the company that made these proposals and Gauntlet, the company supporting Dharma.

The CEO of the latter, Nadav hollander, tweeted that the outcome of the vote was disappointing but demonstrated the momentum given to the proposal.

98% of the votes were in favor of the proposal but the quorum of 40 million required was not reached to validate the result.

A union put to the test

The vote caused tensions within the community – a vote UNITED which disunites the community UNITED.

Some point out that the purpose of Dharma was to control the network Uniswap : the company does not hide its ambition to use the cash funds ofUniswap to distribute tokens to its customers.

Dharma also argues that he should have been one of the beneficiaries of the last airdrop of ’Uniswap : this airdrop had rewarded users of the protocol with several thousand dollars in UNITED.

After the vote, the number of tokens UNITED blocked for the right to vote rose from 47 million to 74 million.

Pub

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We must now pick up the pieces to prevent “this UNI vote” from causing a rupture in the community. The next will be the good one or are we heading inevitably towards a long governance crisis? Dharma is trying to rule over Uniswap – which is not surprising given the meaning of the name. This is the main advantage of Bitcoin (BTC): the leader was smart enough to slip away and no one can legitimately claim to take his place since – Craig Wright tried to do it, John McAfee is in jail.

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