Uniswap hits Almost Five Million UNI

  • The second-ever governance proposal for the Uniswap decentralized exchanged has nearly reached a quorum
  • Compound-based lending and savings protocol Dharma has put forth this proposal

As per recent report, the Uniswap community has been voting on its second-ever governance proposal regarding the distribution of five million governance tokens to all the users who have interacted with the DEX through a third-party platform.

The second-ever governance proposal for the Uniswap decentralized exchanged has nearly reached a quorum. If this proposal receives approval then the 12,619 wallet addresses which had interacted with Uniswap through a proxy contract will be seen to receive 400 UNI tokens each. The total number of tokens to the be distributed to the users of MyEtherWallet, Argent, Dharma, DeFi Saver, Nuo, Eidoo, Opyn, Furucombo, Monolith, and Rebalance is approximately 5.05 million UNI.

The compound-based lending and savings protocol Dharma has put forth this proposal because they felt the users were feeling left out by the initial distribution. Since they were being less programmatically accessible, the cohort of proxies were chosen.

The Phase determination was said to be made especially based on finding the easy process to programmatically hook a trading bot into them as this represents the amount of risk cohorts possess in representing multiple addresses per end-user.

According to Dharma’s plans, once the vote passes, a secondary proposal for retroactive distribution shall be put forward. Dharma stated that if both the phases will pass then there will be no voting in favor of any further retroactive airdrops.

There has been increasing support in the votes, and around 25% of the votes over the last few hours to 25.93 million is in favor meanwhile the number of votes against are 1.26 million. A total of 40 million votes in favor is required for the approval of the proposal.

The first governance vote of Uiswap which was also put forward by Dharma had failed recently because it fell short of a quorum at 1% right before the deadline, although 98% of the casted votes fell in favor of the proposal.

Considering the low number of opposing votes, it was suggested by few analysts that the proposal must have been opposed by the large segment of the community to abstain from voting.

In the similar way, the second proposal has been pushed back. Ameen Soleimani, the CEO of SpankChain has criticized the retroactive distribution for its failure in the creation of wealth for the UNI holders. But, despite all this he said that he would vote in favor of the proposal.

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