Karpatkey Delegate Platform

Delegation Pitch
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Contact & Delegation Address Information

Delegate Address: governance.karpatkey.eth (0x8787FC2De4De95c53e5E3a4e5459247D9773ea52)
Email: governance@karpatkey.com
Website: https://karpatkey.com
Twitter: https://twitter.com/karpatkey

Introduction

karpatkey is a DeFi-native organisation specialising in professional treasury development through industry-leading research and tooling since 2020. We’ve been working with GnosisDAO, Balancer, ENS, CoW Protocol, and Lido to diversify their treasuries into sustainable portfolios of DeFi investments designed to support the DAOs in their missions.

What do you want to see happen in Uniswap governance over the next year?

  • Further initiatives to strengthen Uniswap’s status as the leading decentralised exchange across numerous chains and for a wide array of assets, aiming to expand cross-chain deployments and stimulate protocol development. This will empower Uniswap to credibly compete with centralised exchanges as a preferred platform for professional trading.
  • Careful, thoughtful, and inclusive progress in the discussions around the Fee Switch and other value-accrual design mechanisms, as a means to reach long-term sustainability without compromising growth and adoption.
  • Further initiatives to foster a competitive, vibrant, and diverse ecosystem of teams contributing to the protocol to avoid single point of failure dependences and foster innovation.
  • With the first steps being laid out with the creation of the Uniswap Foundation, we expect more initiatives like the Uniswap Agora and other tooling/processes geared towards improving the governance process and ultimately increasing participation rate and high-value discussion and action.

Reasons for wanting to be a delegate:

Uniswap validated product-market fit for highly decentralised financial infrastructures and ultimately led the way in the evolution and growth of DeFi. As a champion of Ethereum principles around neutrality and trust minimisation, it is now essential to evolve beyond its core team and push for community-driven growth, development, and self-sustainability.

A robust and progressive governance system will be essential moving forward, giving community members more opportunity to become involved and influence the protocol ecosystem, whether directly or indirectly. We’ve been advocates of delegated voting in DAO governance as a viable solution to improve the legitimacy, inclusivity, and effectiveness of decision-making processes. However, the efficacy of this system is highly dependent on having domain experts actively involved as delegates. They transform the delegation process into a dynamic ecosystem where insights are not just shared but are also meticulously examined and thoughtfully applied. It fosters a symbiotic relationship between all stakeholders, optimising the quality of collective decisions and reinforcing the democratic underpinnings of DAOs.

As DAO treasury developers and contributors to some of the most reputable DeFi protocols in our industry, we believe that our team has the knowledge, trust, and alignment to meaningfully contribute to Uniswap’s growth moving forward. Check out our values to understand a bit more about our guiding and decision-making principles.

Skills and areas of expertise:

Our past work has led us to develop internal infrastructure for automatic on-chain treasury execution and risk management, which ultimately generated objective knowledge across DeFi protocols and hands-on user experience. karpatkey’s governance team taps our network of engineers, DeFi strategists, data/financial/quant analysts, and accountants for subject matter expertise.

We’re also advocates of DAO alliances through treasury swaps as a means of reaching a more resilient DeFi ecosystem through treasury diversification and better value alignment as the ecosystem matures.

Past contributions to Uniswap ecosystem and/or demonstrated protocol knowledge:

We’ve historically deployed a combined $62.91M worth of LP positions in both Uniswap V2 and V3:

This ultimately led us to develop internal models to optimise our liquidity ranges, resulting in increased capital efficiency and earnings. On the other hand, we’ve provided market depth on less popular pools, which ultimately contributed to the platform’s liquidity and diversity while simultaneously capitalising on unique opportunities for attractive returns.

Disclosure of Conflicts of Interest:

No conflicts of interest other than the aforementioned contributions to competing DEXes—although we rather see it as an opportunity—as we can leverage our connections to promote strategic synergies moving forward.

6 Likes
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Proposal: ARB Distribution Proposal Poll
Vote: Combined Liquidity Incentives and MMA Infrastructure Development
Summary: We appreciate the collaboration between the complementary Gauntlet and Gamma Strategies proposals and, considering the Architectural Reccomendations in the recent bridge assessment, it is appropriate to support the MMA Infrastructure Development proposal.

Proposal: Uniswap v3 on Base
Vote: Yes
Summary: We support this deployment. We agree with the cross-chain vision Uniswap and the benefits outlined in the proposal. We find no issues with the deployment on Base and believe this should be supported.

Proposal: Uniswap v3 on Linea
Vote: Yes
Summary: We support this deployment. We agree with the cross-chain vision Uniswap and find no outstanding issues with this L2 deployment.

Proposal: [Temperature Check] Migrate the Celo Uniswap V3 Factory Contract owner from Optics to Wormhole
Vote: Yes
Summary: We support this Temp Check. Uniswap Bridge Assessment Committee’s approved Wormhole in their June Report. The decision to migrate to Wormhole is prudent considering that Optics is not on a path for approval.

3 Likes
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Voting Actions - August 21-26th

Proposal: Migrate the Celo Uniswap V3 Factory Contract owner from Optics to Wormhole
Vote: For
Reasoning: We supported this proposal during the temp check phase and continue to support the migration from Optics to Wormhole. Our initial reasoning for support can be found here.

Proposal: Fund Combined Liquidity Incentivization Program
Vote: For
Reasoning: We supported this during the RFC phase and continue to support this joint proposal from Gauntlet and Gamma Strategies. Our reply to the initial forum discussion can be found here, and our formal reasoning is stated above on this delegate platform.

1 Like
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Voting Actions - September 4 – 8th

Proposal: [Temperature Check] Deploy Friendly Fork of Uniswap V3; ZERO Protocol on Polygon zkEVM
Vote: Abstain
Reasoning: We have abstained to evaluate the possible effects of this proposal further. We would like to see more clarity around the long-term effects of this proposal. As other delegates have mentioned, there is concern that this approval would be tacit support by Uniswap governance for all future actions and outcomes from this friendly fork and possibly assuming reputational risk for the protocol.

1 Like
5

Voting Actions - September 25 – 29th

Proposal: Deploy Friendly Fork of Uniswap V3; ZERO Protocol on Polygon zkEVM
Vote: Yae
Reasoning: After considering this topic further in the Governance Proposal phase, we agree that collaboration in the proliferation of the Uniswap protocol while aligning with the parent protocol through a “friendly fork” would have positive outcomes for both Zero and Uniswap.

2 Likes
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Voting Actions - October 2nd – 6th

Proposal: Deploy Uniswap V3 on Filecoin Virtual Machine (FVM)
Vote: Yae
Reasoning: We support this proposal as it brings an interesting use case for Uniswap. The concept of monetising data and creating a market for selling/swapping data storage tokens has been in discussion for a long time, and being early at a chain that enables it gives Uniswap a competitive edge.

Proposal: [Temp Check]: Complete initial funding of the UF
Vote: Yae
Reasoning: Although this is a large funding request from the Uniswap Foundation (UF), it fulfils Grants and Operational needs over several years. Further, we feel that the Uniswap Foundation has been candid in fielding public Q&A, and transparent with budget and spending allocations presented in the request. We have confidence in the UF and support this request to deploy the second tranche of the funding.

2 Likes
7

Voting Actions - October 9th – 13th

Proposal: Complete initial funding of the Uniswap Foundation
Vote: Yae
Reasoning: This continues our support expressed in the temp check. The proposal emphasizes the importance of Uniswap as critical infrastructure for decentralized finance (DeFi), and it ensures the Uniswap Foundation has the necessary resources to actively work on building and supporting a robust ecosystem to enable the Uniswap Protocol to continue its growth, innovation, and contribution to the DeFi ecosystem.

1 Like
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Voting Actions - October 23rd – 27th

Proposal: Temperature Check - [Issue a Visa Card with Uniswap Logo ]
Vote: Abstain
Reasoning: With the logo and trademark belonging to Uniswap Labs, we do not feel this is an appropriate question for a DAO vote and have chosen to abstain.

Proposal: [Temperature Check]: Invest in Ekubo Protocol
Vote: No Change
Reasoning: We don’t support this proposal in the current state. The ask of 2.5 million UNI is too high for the terms presented. However, we recognize that there’s potential for Ekubo to contribute significantly to Uniswap with their knowledge of Starknet and Cairo. We would support a restructured proposal with a lower request and milestones.

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Voting Actions - October 30rd – November 3rd

Proposal: Deploy Uniswap V3 on Scroll
Vote: Yae
Reasoning: We support this proposal for Uniswap to officially recognize Scroll’s mainnet deployment of Uniswap V3. The deployment on Scroll, a zk-rollup and native zkEVM scaling solution, follows over 1.8 million transactions already processed on its testnets.

Recognizing this deployment as canonical is a move to expand the user base and capture the zkEVM market, which is essential as the Ethereum ecosystem evolves. This move positions Uniswap as an early adopter in a rapidly growing market, potentially increasing its platform’s utility and value.

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Voting Actions - November 5th – 10th

Proposal: [Temperature Check]: Delegation of UNI to Active but Underrepresented Delegates
Vote: Yae
Reasoning: We wholly support governance initatives that increase the ability for smaller delegates to have a louder voice in the Uniswap DAO. We have posed questions in an earlier discussion, and we are glad to see this moving forward.

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Voting Actions 2024 - January 8th – 12th

Proposal: [Temperature Check] Deploy Uniswap v3 on Rootstock (Bitcoin Sidechain)
Vote: Yes
Reasoning: We support the TEMP CHECK to add Uniswap to Roosktock, as we see it well positioned to bring DeFi elements closer to Bitcoin. The sidechain’s willingness to allocate $3 million for bootstrapping liquidity is also a sign of commitment, and the current deployment already shows some traction. Other positive points are the wormhole bridge and Oku’s deployments, indicating that this part of the infrastructure is already in place.

Proposal: [Temperature Check] Lower Onchain Proposal Threshold
Vote: Lower PT from 2.5M UNI to 1M UNI
Reasoning: We support the threshold reduction as it will enable more delegates to act as the bridge from the community to the DAO. This amount required is still high enough to prevent spamming, and it will likely increase engagement on the forum with a new set of proposals and ideas.

1 Like
12

Voting Actions 2024: January 15th – 19th

Proposal: Uniswap Deployments Accountability Committee Competition
Vote: 25% for Juanbug (PGov), 25% for Doo_StableLab [StableLab], 25% for Abdullah (Michigan Blockchain), 25% for 0xpibblez (Blockworks Research)
Reasoning: All of the candidates available are of high quality, and any would serve the committee well. Given the close race, we have decided to select only four. We have selected to re-elect @juanbug and @Doo_StableLab because they carry forward continuity from the inaugural committee. At the same time, the addition of @AbdullahUmar and @0xpibblez bring in new talent that we feel will confidently foster new protocol relationships and deployment efforts.

2 Likes
13

Voting Actions 2024: January 29th – February 2nd

Note: This week saw ten proposals for onboarding packages. Although we support provisioning for onboarding, this process needed to be more convenient and efficient. As stated in the forum discussion, we feel this would be better addressed by delegates first deciding on the total cost for the onboarding program, which has overhead expenses outside of the onboarding packages themselves, and then having a committee suggest incentive packages bested suited for each chain based on specific data-driven criterias.

Proposal: [Temp] Uni Onboarding Package - Scroll
Vote: 500k
Reasoning: Scroll is a chain gaining momentum, with an increase in TVL and with other blue-chip DeFi protocols on board. We support 500k, so there is room for more incentives if the DAO chooses.

Proposal: [Temp] Uni Onboarding Package - Polygon zkEVM
Vote: Against
Reasoning: Given the other options, we don’t think this chain is a priority, as it has a low TVL despite being in the market for almost a year now.

Proposal: [Temp] Uni Onboarding Package - zkSync
Vote: 750k
Reasoning: zkSync ERA is a chain with a consistently sticky TVL, and the competition is strong. We choose 750k for incentives on this chain, as we believe Uniswap will need to be more aggressive there.

Proposal: [Temp] Uni Onboarding Package - Blast
Vote: Against
Reasoning: The mainnet still needs to be deployed. We can reassess the need/amount to incentivize when it is live.

Proposal: [Temp] Uni Onboarding Package - Linea
Vote: 750k
Reasoning: Since launch, Linea has had a positive growth trend on its TVL. There is no dominant DEX there yet, so Uniswap has the opportunity to establish itself there, and we chose a higher amount to help with this objective.

Proposal: [Temp] Uni Onboarding Package - Base
Vote: 750k
Reasoning: Base was able to keep the TVL it acquired at its launch. Uniswap will face competition and should have a higher value to incentivize liquidity and sustain user growth.

Proposal: [Temp] Uni Onboarding Package - Taiko
Vote: Against
Reasoning: The mainnet still needs to be deployed. We can reassess the need/amount to incentivize when it is live.

Proposal: [Temp] Uni Onboarding Package - Moonbeam
Vote: 500k
Reasoning: Moonbeam is the EVM entrance to Polkadot. A Uniswap presence will bring us closer to a market that has yet to be addressed.

Proposal: [Temp] Uni Onboarding Package - BSC
Vote: 750k
Reasoning: BSC has a different type of user, which is heavily connected to Binance. It makes sense to introduce a strong Uniswap presence there to reach a new target group.

Proposal: [Temp] Uni Onboarding Package - Mantle
Vote: 500k
Reasoning: Mantle is a steady growth trajectory chain with no clear dominant DEX. Uniswap should invest in its presence there, and we believe 500k in incentives is a good start for this goal.

1 Like
14

Voting Actions 2024: February 5th – February 9th

Proposal: [Temp Check] Deploy Uniswap v3 on Zora
Vote: Yes
Reasoning: We support the deployment of Uniswap on Ethereum’s L2s, and Zora will provide incentives for Uniswap to do so. The timing is good, and being on the chain since the start helps bootstrap initial liquidity.

15

Voting Actions 2024: February 19th – February 23rd

Proposal: Delegation of UNI to Active but Underrepresented Delegates
Vote: YAE
Reasoning: We wholly support governance initiatives that increase the ability of smaller delegates to have a louder voice in the Uniswap DAO. See our support in the temp check phase here.

Proposal: Lower Onchain Proposal Threshold
Vote: YAE
Reasoning: It makes sense to have a lower number to foster more delegate activities and to enable more proposals to be presented to the DAO. We support this, as the number is still high enough to prevent spam or low-quality proposals.

Proposal: Deploy Uniswap V3 on Rootstock
Vote: YAE
Reasoning: We supported the TEMP CHECK, and the reasoning remains the same.

Proposal: Deploy Uniswap V3 on Zora
Vote: YAE
Reasoning: We are continuing our support from the Temp Check phase.

Proposal: Deploy Uniswap V2 on all chains with V3
Vote: YAE
Reasoning: V2 should be deployed on all chains, as it will help protocols with an additional AMM option from an official Uniswap deployment. We understand that the combination of v2 and v3 is powerful, and we support this proposal.

Proposal: Uniswap Revitalization and Growth Proposal
Vote: YAE
Reasoning: We support the proposal and believe the incentives will help drive adoption on the chains where Uniswap has room to grow.

1 Like
16

Voting Actions 2024 - March 4th – March 8th

Proposal: Uniswap V3 Fees: Factory Owner Amendment
Vote: Reject amendment
Reasoning: We have voted against this proposal because, at the current time, we do not believe that the DAO should make concessions in security for flexibility at this level. We expressed our support for the proposal to Activate Uniswap Protocol Governance, which we would like to see moved forward without this amendment.

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Voting Actions 2024 - March 25th – March 29th

Proposal: [Temp Check] Mobilizing the Uniswap Treasury
Vote: For
Reasoning: This is a timely initiative, and we support this proposal. Treasury diversification is one pillar that helps the organization better plan its future and ensure that it is prepared for adversarial market conditions and karpatkey is thrilled to present any insights needed based on our work with other DAOs.

18

Voting Actions 2024 - April 1st – April 5th

Proposal: [Temp Check] Onboard Uniswap to Sei
Vote: Incentivize $500k
Reasoning: We support Uniswap’s onboarding on Sei with a 500k USD incentive package. Sei is a promising chain, and having an official deployment at the v2 launch will help consolidate our position as the leading DEX on that chain. The Sei Foundation will also incentivize this deployment, which highlights Uniswap’s attractiveness to newer blockchains.

19

Voting Actions 2024 - April 8 – April 12th

Proposal: Update Uni v3/v2 Deployment Process (March 2024)
Vote: Update the process
Reasoning: We support this update on the deployment process, as it makes it more efficient.

Proposal: [Temp Check] Uniswap Onboarding Package - Manta
Vote: For
Reasoning: We support this proposal to add Manta Pacific to the v3 deployments record and grant Manta an Onboarding Package. This deployment will have reduced costs as Mant already supports the Oku front end.

20

Voting Actions 2024 - April 15th – April 19th

Proposal: Uniswap Treasury Working Group (UTWG) Election
Vote: 25% for Franklin DAO, 25% for GFX Labs, 25% for JoJo, 25% for 404 DAO
Reasoning: We recognize that all applications are strong ones, and our vote reflects our positioning to not interfere on the results, as we applied for the position.