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The founder of Yearn Finance nominated himself as a Uniswap delegate

September 19, 2020

Yearn Finance founder Andre Cronje appeared as a Uniswap delegate hoping to influence the governance of the protocol.

In one Tweet, Cronje said that “Development of tools to facilitate delegation, coordination out of chain and use within the chain” when he becomes a delegate. Added:

“Right now I don’t think it should be a rush to incentivize liquidity pools (this can be abused). I think we have the option to re-evaluate the token economy and distribution. We can use DAI or SUSD help to achieve their fixation. We can support further development. “

Uniswap announced that it would like to include a “diverse and high quality group of protocol delegates” who will discuss governance issues about the protocol and its UNI token. According to the network, this governance structure enables UNI holders to be responsible for ensuring that the protocol conforms to compliance standards. Uniswap leaders have already promised not to participate in steering the protocol.

The founder of Yearn Finance nominated himself as a Uniswap delegate
The founder of Yearn Finance nominated himself as a Uniswap delegate

As soon as Cronje announced his intention to be Uniswap’s delegate, Supporters asked him if he intended to add the YFI-ETH pool to UNI’s liquidity pool. He said::

“Right now, no, YFI holders would be attracted to providing liquidity rather than using it for its intended purpose (such as governance). I think UNI incentives add better value to the wider ecosystem Furthermore, there are other market incentives that can better support the ecosystem in general. For example, the DAI-sUSD group can support both DAI and sUSD corrections. A simple incentive for liquidity is not a problem. Positive addition, it can too can easily be misused as initial liquidity. “

Cronje previously displayed some disdain for the state of the decentralized financial sector, or DeFi, as Yearn had avoided launching a governance token for its platform. of decentralized loans.

Just three hours after Uniswap launched its UNI token, 13,000 Uniswap users immediately requested their free 400 UNIs. Both Binance and OKEx have UNI listed. since then The token established itself among the top 20 DeFi tokens.

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