UNI's Government Vote Falls 1% Short of Requirement for Approval

News • 2020/10/21 • by

The pioneer government vote for decentralized trading firm Uniswap has been unsuccessful.

Uniswap's first governance vote didn't meet the required votes even though 98% of Uniswap users participated. The total vote cast needed about 1% more to reach the necessary forty million votes for it to be approved.

Credit: Uniswap

Major Updates:

The voting was concluded with about 39.6 million Uniswap votes in support, and about 700,000 voted against it.
Surprisingly, the proposal attempted to decrease the number of coins required to present and approve offers.
The proposal was suggested by a public source lending program and notable Uniswap coin owner, Dharma.
Presently, offers can be created only by individuals owning a minimum of one percent of Uniswap's known supply, which is about 10 million Uniswap.

The co-owner of Dharma, Nadav Hollander, regarded the governance vote's outcome as a disappointing outcome. Some onlookers believe that the vote was a success considering the massive support from the community.

Dharma's suggestions are to decrease the requirements, so owners of a minimum of three million Uniswap can suggest improvements and only needed 30 million votes in support of the offer to get through.

What do you think of the Uniswap voting outcome? Let's discuss in the comments.

Source: Cointelegraph.

Comments (1)

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visiblemoney

6 years ago

The outcome is a devastation! Pegging a well-cordinated community votes at 40 million before a valid general consensus can be validated inspire of 98% participants involving is a set back to crypto democracy. The quorum for making valid contributions should have been squared up at majority votes lead.