Second Uniswap Governance Proposal Fails, Denies Airdrop Request
- The vote needed another 2.5 million votes to reach the 40 million quorum currently required by Uniswap governance proposals.
- If passed, an additional 5 million UNI would have been airdropped.
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Uniswap’s second-ever governance proposal, that would have seen an additional 5 million UNI being airdropped, has failed to reach the required quorum of 40 million votes.
This marks the second time that a proposal put forth by lending and savings protocol Dharma has failed to reach quorum. The first ever proposal, that suggested lowering the UNI governance proposal and quorum thresholds significantly, failed to reach the necessary votes by only 1%, while the second one failed to meet the requirement by 6%.
If it had passed, 12,619 addresses that interacted with Uniswap through a proxy contract would have received 400 UNI each, resulting in 5.05 million UNI being re-distributed from the project’s vaults. This was only Phase 1 of the proposal, and if it had passed, Phase 2 would have been put to the vote, which proposed giving 400 UNI to an additional 27,000 addresses that interacted with Uniswap through a DEX aggregator.
It remains unclear what would happen from here on out, as Dharma stated that, “should both Phases pass, we will not vote in favor of any further retroactive airdrops”, which did not happen. The firm did say that if their proposal fails, they would “accept that as the final determination of the Uniswap community”, but that does not mean they will not initiate another proposal for retroactive airdrops in the future.
In preparation for the airdrop, the price of UNI entered a downtrend after trading steadily at $3 for a couple of weeks. It has yet to react to the failed governance proposal.
- Popular Telegram bot Unibot, which is used to snipe trades on Uniswap, became a victim of a token approval exploit earlier today, when it was switching to a new router.
- After confirming the exploit, Unibot assured users that their keys and wallets were safe, and that the project will compensate all affected users.
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- The so called “World App” crypto wallet will make use of the project’s “World ID” system to effectively distinguishes between humans and AI.
- While everyone will be able to use the new wallet, only verified “World ID” holders will enjoy gas-free transactions within the Worldcoin ecosystem.
- After passing its governance vote, the proposal to deploy Uniswap v3 on Boba Network has been scheduled to proceed in the coming weeks.
- Boba Network claimed the decision will allow Uniswap to expand into the Asian market, and enable developers to build on and off-chain DeFi applications on top of Uniswap.