Uniswap, the Decentralized protocol’s second governance proposal stands rejected, falling short of 40 million votes required to clear the voting process.
If the proposal would have been successfully voted, it could have extended September’s much-talked-about UNI token airdrop to proxy users.
Dharma CEO submits the second airdrop proposal
On September 17th, a few Uniswap users were surprised to see over $100 worth of UNI tokens in their kitty. But that was not just the case with Uniswap Users, because any wallet which used Uniswap Before September 1’st received 400 UNI tokens absolutely free. Many wallets and aggregators that used the protocol through their own interface apparently couldn’t access the airdrop. Dharma, a mobile wallet, was one such entity that claimed to offer Uniswap trades over DeFi without any Ethereum fees.
Dharma CEO Nadav Hollander submitted a proposal to bolster the airdrop to proxy users on Uniswap’s website citing the reason that the proxies were excluded on purpose. Hence any wallet also which used the protocol should essentially receive the 400 UNI airdrop. The proposal was put for a vote which concluded on Oct 31 with token holders casting their votes. By looking at the initial response, the response was overwhelming but eventually, a quorum was not formed falling short of 40 million votes.
The proposal as of now stands rejected, but it has not been without stirring up controversies. The decision supposedly to be in the hands of the community which was favorable to the proposal got rejected with over 37 million yes votes and less than 2 million votes against it. Many Twitter users also pointed out how the voting ended 6 hours earlier as against its original ending time at 3:53 AM EDT. The users believe that those missed out hours could have impacted the voting as many UNI holders could have thought of voting towards the end.
Crypto Twitter divided
Dharma’s top Honcho Hollander stressed that exclusion of Dharma wallet holders could be a misjudgment or an oversight but this was a discussion that garnered immense debate and scrutiny on Twitter.
Source: Discussion forum on Uniswap
There were other users who believed that being hardcore Uniswap loyal was the key to getting the share in the airdrop.
Will the voting happen again?
Surprisingly the second UNI governance proposal like its first counterpart came very close to being accepted. The vote came close to the benchmark required to form a quorum at 39.6 million votes. A few naysayers and critics claimed that the first proposal would render the governance power only to a few addresses and if that principle is extended then the reason for the rejections stand clear. A lot of people were happy to see the failure because they felt that the token pool would have diluted in value.
But seeking the light at the end of the tunnel, if the proposal was only an inch away from being accepted, it could be passed the next time.
Disclaimer
The information discussed by The Coin Magazine is not financial advice. This is for educational and informational purposes only. Any information or strategies are thoughts and opinions relevant to accepted levels of risk tolerance of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Do your due diligence and rating before making any investments and consult your financial advisor. The researched information presented we believe to be correct and accurate however there is no guarantee or warranty as to the accuracy, timeliness, completeness. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. Copyright The Coin Magazine All rights reserved.
