August Voting Update
[TEMP CHECK] Uniswap Onboarding Package - OKX Chain
Vote: Against
Type: Snapshot
We voted against instituting incentives for this deployment due to concerns surrounding liquidity. The incentive package itself would make up a large portion of the overall TVL on the chain. Although the DAO has offered incentives to chains with low TVL, many of them have had other catalysts to justify the spending. We don’t see an explicit one here.
[Temp Check] Forse Analytics for Uniswap Revitalization and Growth Program
Vote: 33.3% for Base, 33.3% for Blast, 33.3% for Scroll
Type: Snapshot
We selected some of the chains with less activity for the reasons below–along with Base:
We’d also like to highlight our concerns around overlap between the retroactive analysis that Gauntlet will be conducting on the LTIPP and what Forse will be analyzing. There were no incentives from the URGP for Arbitrum.
Onboarding Package for Gnosis Chain
Vote: For
Type: Onchain
Our reasoning for the onchain vote remains the same as our decision from the temp check:
Our team voted to allocate $250k worth of $UNI to Gnosis Chain incentives, positioning Uniswap to capture market share from Balancer, the current DEX leader on the chain. A larger incentive package is unnecessary given the relatively low competition and smaller trading volume on Gnosis compared to other chains. The primary goal is to draw liquidity away from Balancer and Gyroscope.
[TEMP CHECK]- Revised - Uniswap Onboarding Package - OKX Chain
Vote: For
Type: Snapshot
We voted against instituting incentives for this deployment due to concerns surrounding liquidity in the precious temp check–but are of the belief that if any v3 deployment is approved of by the DAO, it should have a plan to incorporate a front-end. Hence, subsidizing the Oku integration makes sense. The matter around TVL deficiency is well-addressed here. It demonstrates buy-in from the OKX team, which could open doors for collaboration in the future. This deployment, however, should first demonstrate success in driving organic volume first. If there are other catalysts that arise for OKX chain in the future, we can also revisit incentives.
[Temp Check] Activate 2, 3, 4 bps fee tiers on Uniswap v3 on Base / [REDO: Temp Check] Activate 2, 3, 4 bps fee tiers on Uniswap v3 on Base
Vote: For (both)
Type: Snapshot
It would be an interesting experiment to see if adding additional lower fee tiers would materially enable Uniswap to capture volume from Aerodrome. Uniswap is still doing well, and it’s largely the case that Aerodrome itself is doing better than it historically has. Incentives are a large contributor to this success. Uniswap has stopped providing incentives to Base pools as of July 25. There doesn’t seem to be a material difference in volume post-incentives, at least at first glance. We’d need a more in-depth analysis to say for sure. It would also be interesting to see what the data show if incentives were to be normalized–unsure how difficult that is to do.
Lowering fee tiers will invariably lead to Aerodrome doing the same. So the risk of shifting liquidity, and hence fragmentation, along with a race to very ~no fees isn’t to be ignored. We are concerned regarding how much time this “experiment” will take to play out, especially with v4’s release being imminent. But if this fee addition can be put into effect soon, it could provide interesting data leading up to v4’s release.
Deploy Uniswap v3 on X Layer
Vote: For
Type: Onchain
Same as the temp check, we are For onboarding Uniswap v3 to X Layer by subsidizing the Oku integration. We also appreciate the liquidity commitment by the OKX team.
[Temp Check] Uniswap Delegate Reward Initiative - Cycle 2
Vote: Yes
Type: Snapshot
The first cycle of delegate rewards has further formalized contributions from active delegates. One point of feedback from the DAO was that newer and smaller delegates have an unfair disadvantage when it comes to attaining rewards. To help reduce this barrier of entry, this round introduced a more relaxed set of requirements, while simultaneously giving a marginal benefit to older delegates who have been contributing for a longer period of time. This setup incentivizes older delegates to be on top of their game since the penalty for missing a vote is quite high–and it allows for newer delegates to make their way into the top 15 eligible delegates with a higher degree of feasibility.
Uniswap Delegate Reward Initiative - Cycle 2
Vote: For
Type: Onchain
Same reasoning as the temp check–please see above.