Uniswap Unleashed Rationale
We voted FOR the Uniswap Unleashed proposal to fund the four identified Uniswap Foundation priorities over the next two years: scaling network supply, scaling network demand, equipping governance and the community by activating revenue, and onboarding protocol core contributors. We believe this proposal represents a significant step toward strengthening Uniswap’s ecosystem, and we trust the Foundation’s ability to execute on its vision effectively.
However, we recognize that certain areas remain unclear and require further refinement. Specifically, there is ongoing uncertainty around the establishment of a legal entity, the timeline and feasibility of activating the fee switch, and broader transparency and accountability measures for the Uniswap Foundation (UF). Additionally, it remains unclear how core contributors’ work will align with the DAO’s long-term strategic goals and how value will ultimately flow back to the DAO.
To address these concerns, the Uniswap Accountability Committee (UAC) has already begun tightening feedback loops between the UF and delegates, ensuring that these critical areas receive the necessary attention and oversight. We look forward to continued engagement to refine these structures and enhance transparency and accountability as Uniswap evolves.
Unichain/v4 Incentives Rationale
We voted FOR Unichain and Uniswap v4 liquidity incentives. Our understanding is that additional incentives will be allocated to Unichain beyond the initial three-month period. Under the current design, there would be an unintended incentive to bridge off Unichain after three months with backloaded v4 incentives still live on other chains. We would encourage the Foundation to start discussions on Unichain’s next round of incentives as soon as possible to avoid relying on a late governance vote to avoid an unintentional capital migration off of Unichain.
After in-depth discussions with Gauntlet at ETHDenver, we are confident in their dynamic approach to adjusting incentives based on performance metrics.
While we acknowledge concerns from delegates regarding how Unichain will return value to the DAO, we believe that close collaboration between the DAO and the Uniswap Foundation is essential to refining these mechanisms. That said, it’s important to recognize that successfully bootstrapping liquidity and driving sustainable activity on Unichain will inherently generate long-term value for both the DAO and UNI tokenholders.