The first proposal in the Uniswap system failed …

The first Uniswap proposal failed amid doubts about the organizer’s motives

The first vote in the Uniswap decentralized exchange system has ended. As a result, it was decided not to support the controversial proposal of the Dharma landing protocol..

Currently, interested participants must have at least 1% of UNI tokens (10 million), including delegation, to make a proposal, and a quorum of 4% of tokens (40 million) is required for its approval. Given the fact that with the current UNI distribution, a very small number of system participants have the required number of tokens, Dharma proposed to reduce the requirements to 0.3% and 3%, respectively. However, their proposal drew criticism in the community due to concerns that individual participants in the system could cooperate and, in fact, take control of the decentralized exchange..

At the end of the voting, 39,596,759 votes had been cast in support of Dharma’s proposal, mainly by the organizer itself, but the required threshold of 40 million tokens had not been reached. As a result, the offer was rejected. Most likely, UNI holders simply abstained from voting, taking into account the controversy surrounding it, and did not allow the changes to be approved..

According to the authors of the Rekt blog, Dharma did the wrong thing when they included two changes in one sentence. They insist that the change in the quorum requirements should be formalized in one proposal, and the change in the requirements for the number of tokens to issue the proposal – in another..

The first proposal in the Uniswap system failed ...

Doubts about the first vote were also caused by the fact that only votes obtained before a certain block could be used in it. In other words, such conditions were favorable for the organizer of the vote and limited the expression of the will of other holders of votes who received them after the established block..

In general, community members agree that the current governance model needs to be improved, however any further changes should now be formalized as new voting proposals.

The first proposal in the Uniswap system failed ...

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