Anyone read this story from Decrypt?
https://decrypt.co/45060/defi-drama-defi-uniswap-governance-proposal-sparks-controversy
Maybe I didn’t look hard enough, but I haven’t seen anyone mentioning it or discussing what’s in Decrypts article.
The future/direction of UNI may be at stake. If not UNI’s future/direction at the very least the way UNI is governed and by whom.
From the article:
“Dharma on Monday proposed to lower the threshold for submitting a proposal to alter the network from 10 million UNI (about $31 million, or a tenth of the market cap) to 3 million (about $1 million). It also wants to lower the amount of UNI the community must stake to pass a vote from 40 million UNI (~$120 million) to 30 million (about $90 million).”
“The fear was that, should the proposal pass, Dharma, with backing from Gauntlet, would have enough power to follow through on its plans to use Uniswap’s treasury funds to pay its own community.”
“Dharma says its users are entitled to the money.”
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Dharma wants to make it easier for Uniswap’s community to govern the protocol.
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But concerns abounded that this would let Dharma form a cartel.
“Yet others said, should the proposal pass when voting closes on October 19, it would be easier for Dharma and the other major proponent of the proposal, blockchain simulation company Gauntlet, to pass proposals, if they work together. That’s because Dharma and Gauntlet are big bagholders of UNI.”
Both Dharma and Gauntlet have NOT responded to Decrypt’s request for comment.
In other words Uniswaps competitors may form a cartel and control Uniswaps future.
How’s those delegation votes given to Uniswaps competitors working out?
Contact Decrypt if you have questions. I’m just relaying what they wrote.
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