The Uniswap community is currently holding its first voting, which will be completed on October 19th. It is in view of Lowering the thresholds for submitting proposals for governance and quorums.
In recent weeks there has been a lot of discussion and criticism about the protocol’s permanent governance framework. A contribution from the market intelligence platform Glassnode came to the conclusion that with the current setup only the centralized competitor Binance from Uniswap could successfully submit a governance proposal. Although the latest proposal refutes this claim, questions about the effectiveness of the framework remain.
Uniswap Governance currently requires interested parties to submit proposals to own 1% of the total UNI delegated offering. A quorum of 4% is required to approve a yes vote. Since UNI has an offer of 1 billion, these thresholds are calculated between 10 and 40 million tokens. At UNI’s current price of around $ 3.30, that equates to a stake of $ 33 million, or $ 132 million, making consensus a daunting task.
A suggestion from Dharma, a protocol that promises beginners a user-friendly access to DeFi, proposes lowering the proposal threshold to 0.3% (or 3 million UNI) and a quorum threshold of 3% (or 30 million UNI). For now, There are 30,270,543 votes for and 624,701 against the proposal, with six days left to vote.
In the meantime, Uniswap continues to dominate the DeFi world, both in terms of total blocked value and exchange volume.