A recent post from Glassnode challenged Uniswap’s decentralizationThis suggests that the platform’s developers may have deliberately misled the community about how the team’s UNI token assignment will carry over over time.
Uniswap’s team, investors and advisors have received 40% of all UNI tokens, 21.51% of which go to the last two. It appears that The distribution of these tokens, which should take place in four years, currently lacks a public calendar. It seems so too Team and investor tokens are not insured. Glass node elaborated:
“While the distribution plan in the image above shows that they will be acquired gradually, the tokens assigned to the Uniswap team and investors are currently being held at regular Ethereum addresses (i.e. external addresses or EOAs). No transfer restrictions. Rather, the management treasury tokens are tied to smart contracts and are released programmatically over time. “
Glassnode also criticized the leadership of the project, explaining this In order to submit a proposal, at least 1% of the total UNI offer must be available. However, since the entire offering has not yet been put into circulation, Glassnode states that this threshold is actually 8% of the offer currently in circulation.
The Post also concluded The only company that currently has enough UNIs to submit a governance proposal appears to be Binance, “a central exchange in direct competition with Uniswap”:
“As a result, community-led governance is essentially impossible right now unless someone can put pressure on 10 million delegated UNIs and at least 40 million votes.”
Decentralized governance seems to be a real challenge even for the most established DeFi projects.
Cointelegraph has requested a comment from Uniswap but received no response at the time of going to press.