The first governance proposal of Uniswap after the launch of its token UNI is ready to be approved. Although some are opposed, the community largely favors the change, which is expected to increase the participation rate.
Uniswap is going through its first governance proposal, one that was started by the Dharma DeFi platform on October 13. The vote aims to reduce proposal submission and quorum values by implementing threshold values of 3 million UNI and 309 million UNI, respectively.
The proposal description states that lower thresholds will make participation in governance more democratic, as more people will be able to submit a proposed change. It states that this will help foster a dynamic governance process. The voting period will end on October 19.
Yearn.finance founder Andre Cronje has also entered the discussion, calling for UNI incumbents to vote for the change. Currently, the overwhelming majority of voters are deciding, with more than 39.5 million voting “in favor” of the change. Approximately 683,000 participants have voted against the change.
Controversy surrounds the voting process
However, not everyone appreciates the idea of low threshold values. The governance proposal, initiated by Dharma, has been criticized that it might favor whales. Community members have suggested that the change would favor UNI’s big names like Dharma and Gauntlet.
The founder of Pine.finance, Agustín Aguilar, He voted against the change and said his priority was preserving the integrity of governance.
Uniswap is still the # 1 DEX
It is by far the most popular DEX in use, with $ 2.6 billion locked up, according to DeFi Pulse. Statistics from Dune Analytics also show that Uniswap’s monthly volume was $ 15.3 billion so far in October, more than Coinbase posted in the same month. Uniswap also has the highest number of users, with more than 428,000.